16d • General discussion
Most people think they need $200k saved to buy a business.
They don't.
They need to understand how SBA 7(a) actually works.
The bank is not lending you money to buy a business.
The bank is lending against the cash flow of the business you are buying.
If the business throws off enough to cover the debt service, you can close with as little as 10% down.
Sometimes less.
I have clients doing it right now.
The mistake most buyers make is walking into a lender like a borrower.
You are not a borrower. You are an operator presenting a cash flowing asset.
That reframe alone changes how lenders talk to you.
There are three things every lender looks at before they say yes. Most buyers never prepare any of them.
Comment "LENDER" and I will send you the exact three things plus the DSCR benchmark I use on every deal before I ever call a bank.
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Most people think they need $200k saved to buy a business.
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