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Anonymous (ID: 71rab9yG)
SBA Loans 2014-12-12 20:40:41 Post No. 579936
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SBA Loans 2014-12-12 20:40:41 Post No. 579936
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I need $150,000 to lease a gym, buy equipment, and cover expenses while revenue builds up. I've managed this kind of operation before and know firsthand it's feasible.
I only have $30,000 of my own money to invest so I want to borrow the remaining $120,000. The problem is that there's a 30% down payment requirement for SBA loans.
Could I have a friend loan me $21,000 so between that and my own $30k I have $51,000 for the down payment on a $170,000 loan, then pay the friend back his full $21,000 out of the $170,000?
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It would have to a loan at interest to avoid being considered a gift, and the bank will probably ask about it.
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>>579938
This
Plus if you only have a small amount to put in prolly not a good idea.
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>>579936
Also
>1.32MB
>800x1182
Jesus fuck.
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>>579936
ya.. what the world really needs for you to do with 150k of capital is to make another gym...
fucking dipshit.
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>>579938
Thanks anon. I suppose I could structure it as a loan but you're right, it would probably look riskier to the lender.
What if someone were to just borrow the friend's money now, then season it in the account for a few months to avoid the bank's questions?
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>>579953
You could be fair to your friend and make him a silent partner, buying him out later when the business can afford it.
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>>579956
>buying him out later
The $170k loan is already a little more than I'd need. Therefore I could easily pay back the borrowed $21k immediately (plus some interest).
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>parkour
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>>579944
totes agree.
completely unnecesary. you can run outside and do pushups and squats anywhere. a gym is a pretty big waste.
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>>579944
>>579992
>totally missing point of bread
Subleasing a gym for one night a week earned me the first $20k you fucking useless NEET faggots. I've created other gyms and know how to make them turn a good profit, now it's my turn.
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>>580000
Truth to quads.
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>>580000
What kind of gym are we talking about here?
tell me about it
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>>580000
So... It seems as though you have a proven strategy which works, but you are attempting to leverage into a strategy which has unknown results.
Might you consider subleasing a gym, say, 2 nights a week for $40K and testing the waters to see if it scales well?
If real estate investing has taught me anything, its that the rental/leasing market is fairly efficient. I wouldn't expect that "owning a gym" brings more than an addition 5% to your bottom line.
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>>580018
Parkour and free running. All kinds of bars, walls and structures to jump and swing around on. Bounce floor over much of the surface.
>>580029
We're subleasing one night a week at a cheerleading gym and there aren't any other suitable places that are available to rent. The current place has the other 6 days booked solid with other things.
We also can't store our equipment at the one night a week subleased gym so the current arrangement is limiting our growth. We average over 100 paid attendees per week and they pay $5 to $10 apiece so it's not like we can't find members.
I've also helped build other parkour gyms around the country and have seen firsthand what has worked and what hasn't.
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