Maine Hard Money Deal - Close

686

1 deal

Maine

I am looking to purchase a small turnkey LLC restaurant business, which is doing quite well, but has the potential to do much better with some proper management and upgrades. The asking price is $299,999, but I was going to try and get a better deal and use the rest of the loan for improvements. The business does include the real estate, it is a building that is about 90'x40' that sits on 2.25 acres of land in Hermon, Maine. it is equipped with all the kitchen needs (some that need to be updated), and a semi-functional bar. Right now including bar seating, the restaurant seats 45-50 patrons. I am willing to use my house and land equity for the down payment, or even tie the house and land to the business. I am looking for pre-approval before making any offers. I am guessing that the income is somewhere around $30-50K/month. I am not 100% sure what the profits are without seeing the numbers, but I am guessing anywhere from $3-15K/month. I am looking for the longest term offered, with the lowest payments possible.

My house that sits on 1 acre, that I am currently living in, is also located in Hermon Maine. The estimated value is about $192K. I also have 3 acres behind attached to the house lot worth an estimated $50K. I owe just over $156K, which is financed through PennyMac.