As you might guess Restaurant loans take a beating in the credit crisis. A year ago, and there are also 6 months, there were many possibilities. In fact, 30-year loan programs, solid restaurant with an option, stated income commercial loans, if any, borrowers with low and / or profit is still not error-free loans good restaurant. Even borrowers with other problems such as bad credit a restaurantBoring.
Now, almost all these creative possibilities frozen disappeared and / or simple. What remains are the traditional loans. SBA primarily commercial loans and a few scattered, and only for very strong borrowers conventional commercial mortgages. With these types of options that will plan the owner of the restaurant for the future and are sensitized to play the traditional game. In other words, there must be proof of income! If youYou do not see on your tax return, receive a loan.
For example if you know you're a balloon loan early, or when you check in the process of enlargement of the places that you have your CPA now begin looking at the number of income. Yes, you can the amount of tax you pay raise, but the alternative would be much more expensive.
One wonders the whole time from the borrowers who had a restaurant loan balloon and now we're just not able to obtain a newready. You go to different banks and lenders and all say the same thing "does not show that you're making money, I'm sorry." Your recent lender begins the process of closing and the borrower continues to shop without luck. Excursions into force of the bank their rhythm in an effort to motivate other "find" them to another bank for their risks. Goes on and on and gets angry all the participants.
The bottom line, despite restaurant owners enjoying the money for the work, you willstart the game to secure traditional SBA loans and conventional loans. In addition, most banks want to see a debt coverage ratio of 1.3 on a restaurant loan, you must show a reasonable amount of money.
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