alternative methods of financing - tanTALK

tancrazy · 05-06-2003, 07:37 PM

what are some of the better methods of financing a tanning salon i heard you can get tied up in a lot of red tape going through sba any ideas would help me greatly thanks

tantootx · 05-08-2003, 09:37 AM

TanCrazy
I suppose that is true but SBA is still a viable option. We just completed the process. I would be glad to give you the details and the things to do and avoid. The first thing is your credit. If it is excellent then you won't have that many problems assuming you have done your homework on a business plan, demographics etc.. PM us if you want the scoop.

Rich · 05-08-2003, 04:48 PM

Tancrazy, just curious. Have you started exploring the regular methods of financing? These would be banks and credit cards and leasing companies. I am just curious because a lot of people come on here asking this type of question and then we find out later they have lousy credit, just went BK last year, etc etc. I am not trying to cast you in with that lot I am just curious.

tancrazy · 05-08-2003, 06:51 PM

hey rich
yes i have looked into all of that and i do have excellent credit what i am thinking of doing just so that the process doesnt drag on for months is pulling an equity line of credit out of my house for build out of the location i am looking into and leasing the eqipment it is a 3 year process but i own it all in the end so that sounds pretty good to me ....what do you think? and thanks for the reply

Rich · 05-09-2003, 06:06 AM

I like to lease beds because I can finance 100% of the purchase price. It is much cheaper to go through the bank but they only loan 50% on value.

tantootx · 05-09-2003, 06:31 AM

I think their is pros and cons either way on leasing vs. buying of the beds. I personally was looking for the cheapest monthly payment including the SBA loan. Including the equipment in an SBA loan saved me several hundred dollars in monthly overhead. Did go back and try to borrow money for a Mystic Tan and they wanted 20% up front so I leased.

TANQUEEN · 05-10-2003, 12:06 PM

IT`S POSSIBLE TO BORROW FROM FAMILY MEMBERS CHEAP!! REMEMBER BANKS ARE PAYING NEXT TO NOTHING ON CD`S ! YOUR RICH AUNT MIGHT BE HAPPY WITH 5%. IF YOU COUPLE THAT WITH BUYING LATE MODEL USED EQUIPMENT FOR HALF PRICE YOU CAN REALLY INCREASE YOUR CASH FLOW AND MAKE SOME $$$ LANA

pam · 05-11-2003, 08:41 AM

Keep checking banks. Mine loans me whatever I want up to 100% on my recent expansion & 7 new beds. It is true that borrowing from a family memeber can work, too. Just make sure you have an actual contract to protect you both and for IRS purposes. Good Luck!
Pam

DWhite6872 · 09-11-2004, 08:38 PM

Whatever you do ...never never go to Tommell they are satin.. Evans Leasing is good for start ups and Bankers leasing

Neon Beach · 09-12-2004, 02:27 AM

Another deceased thread brought alive. But why?

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05-06-2003, 07:37 PM	#1 (permalink)
tancrazy Join Date: Apr 28 2003 Posts: 70 Rep Power: 0	what are some of the better methods of financing a tanning salon i heard you can get tied up in a lot of red tape going through sba any ideas would help me greatly thanks

05-08-2003, 09:37 AM	#2 (permalink)
tantootx I'm Banned Join Date: Mar 10 2003 Location: Texas Age: 70 Posts: 112 Rep Power: 0	TanCrazy I suppose that is true but SBA is still a viable option. We just completed the process. I would be glad to give you the details and the things to do and avoid. The first thing is your credit. If it is excellent then you won't have that many problems assuming you have done your homework on a business plan, demographics etc.. PM us if you want the scoop.

05-08-2003, 04:48 PM	#3 (permalink)
Rich Join Date: Jan 27 2000 Location: Topeka Kansas Age: 68 Posts: 564 Rep Power: 25	Tancrazy, just curious. Have you started exploring the regular methods of financing? These would be banks and credit cards and leasing companies. I am just curious because a lot of people come on here asking this type of question and then we find out later they have lousy credit, just went BK last year, etc etc. I am not trying to cast you in with that lot I am just curious.

05-08-2003, 06:51 PM	#4 (permalink)
tancrazy Join Date: Apr 28 2003 Posts: 70 Rep Power: 0	hey rich yes i have looked into all of that and i do have excellent credit what i am thinking of doing just so that the process doesnt drag on for months is pulling an equity line of credit out of my house for build out of the location i am looking into and leasing the eqipment it is a 3 year process but i own it all in the end so that sounds pretty good to me ....what do you think? and thanks for the reply

05-09-2003, 06:06 AM	#5 (permalink)
Rich Join Date: Jan 27 2000 Location: Topeka Kansas Age: 68 Posts: 564 Rep Power: 25	I like to lease beds because I can finance 100% of the purchase price. It is much cheaper to go through the bank but they only loan 50% on value.

05-09-2003, 06:31 AM	#6 (permalink)
tantootx I'm Banned Join Date: Mar 10 2003 Location: Texas Age: 70 Posts: 112 Rep Power: 0	I think their is pros and cons either way on leasing vs. buying of the beds. I personally was looking for the cheapest monthly payment including the SBA loan. Including the equipment in an SBA loan saved me several hundred dollars in monthly overhead. Did go back and try to borrow money for a Mystic Tan and they wanted 20% up front so I leased.

05-10-2003, 12:06 PM	#7 (permalink)
TANQUEEN Waiting Confirmation Join Date: Aug 6 2002 Posts: 328 Rep Power: 0	IT`S POSSIBLE TO BORROW FROM FAMILY MEMBERS CHEAP!! REMEMBER BANKS ARE PAYING NEXT TO NOTHING ON CD`S ! YOUR RICH AUNT MIGHT BE HAPPY WITH 5%. IF YOU COUPLE THAT WITH BUYING LATE MODEL USED EQUIPMENT FOR HALF PRICE YOU CAN REALLY INCREASE YOUR CASH FLOW AND MAKE SOME $$$ LANA

05-11-2003, 08:41 AM	#8 (permalink)
pam I'm Banned Join Date: Oct 29 2001 Location: USA Posts: 3,893 Rep Power: 0	Keep checking banks. Mine loans me whatever I want up to 100% on my recent expansion & 7 new beds. It is true that borrowing from a family memeber can work, too. Just make sure you have an actual contract to protect you both and for IRS purposes. Good Luck! Pam

09-11-2004, 08:38 PM	#9 (permalink)
DWhite6872 Waiting Confirmation Join Date: Apr 22 2004 Posts: 3,646 Rep Power: 0	Whatever you do ...never never go to Tommell they are satin.. Evans Leasing is good for start ups and Bankers leasing

09-12-2004, 02:27 AM	#10 (permalink)
Neon Beach Join Date: Nov 30 2000 Location: Ontario Age: 61 Posts: 38,594 Rep Power: 107	Another deceased thread brought alive. But why?

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