I have bad credit,so how do I go about getting the $80,000 I need to pay for my bar ?

Question

My cousin owned the tavern and I was paid cash,I so I have no income verification, he passed away so now the bar is going into default with the morgage company and it needs a new roof and some other repairs. I know I can make it goldmine again but really don't have the cash,any ideas ?? - Vern

Answer 1

First, you should be realistic about your abilities and the potential of the bar. If its been closed for just a short time, it could be a money pit for years till it can come back to its former glory. For a bar to succeed it needs good management and cash flow and luck.

Many people think they can run a bar and make a pile of cash but it does take some luck, hard work and business know how. I don't know you but to increase the odds of succeeding, you may want to find a business partner who shares the same passion for this venture and has the cash to invest or you might be struggling forever to make a go of it. Speak to other small businesses/bar owners in the area and see what they think of this venture.

Answer 2

Going into further debt when you already have credit problems is usually not a good idea. However, there are mortgage companies and brokers who may lend you money on the property. A mortgage broker will shop your loan around to various lenders. Most advertise, but you could call around. Check your yellow pages for listings. You might approach the people who currently have the mortgage and see if you can pick up the back payments and assume the loan. If you don't have the money to do that then perhaps you should just let this one go. Bars and restaurants are very risky business ventures. Lenders don't like risk. Perhaps you know someone with good credit or sufficient funds to make this work for you. If that is the case, you could bring them in as a partner. By the way, if you deposited funds into a bank account, that would be one way to prove your income. I don't know your situation, but it takes money to operate a business. You will need operating capital in addition to the mortgage.

Answer 3

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 4

what's the term are you looking at and how would you repay $80,000 also what surety can you produce