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...been open for less then 1 year.? I want to buy the business that I have been running for the past 10 months. My boss opened it in July of 2009 but has since had a baby and he really wants to move back to Florida to raise his baby. I personly do the finances and it profits about 3k/month. He wants 40k for it and I know he put about 80K. The only problem is the Tax return shows a loss since he officialy opened for business in July but was paying rent since January.
Will a bank give me a loan if I have good credit and collateral in the form of land and realestate which is paid off and valued at more then 40k. Or will they be stuck on the Tax Return issue?
Will a bank give me a loan if I have good credit and collateral in the form of land and realestate which is paid off and valued at more then 40k. Or will they be stuck on the Tax Return issue?