Since the Credit Debacle, Should Prospective Franchise Owners Plan On Coming Up With Bigger Down Payments?

Yes, lender are requiring a higher down payments (usually 30% on a start up business). Not only are lender requiring more down payments but more cash reserve money (3+ months personal expenses after down payment), higher credit scores (start at 660 but it is more positive if 700+), experience and collateral (at least 50% to 100% of the loan size) and a well written business plan with a performa. Business acquisitions require less down payment money but experience is more important.

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Here’s A Little Bit About Me. 20+ years in the finance industry, I rose to the level of Assistant V.P. with Chase Manhattan. While working for Chase, I decided that I wanted to have residual income without having to quit my job. I bought my first apartment building in 1996, three days before my wedding. In 2001, I decided I would leave the corporate world and work for myself in a net branch environment. My passions are helping people get commercial mortgage loans. I also am passionate about investing, working out and being with my family and friends.

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