Forums: Discussions for entrepreneurs and small business.

My wife and I are in the process of starting a new retail store for Comics, Games and Hobbies. We are looking for an interest only loan in the amount of $75,000. This will go towards the basics of starting a new store front. Remodeling, signs, fixtures, advertising, inventory, and six months of basic operating costs. We have 160 acres of land we can put up for collateral.

What we have done thus far;
We refinanced our home for a lower mortgage payment.
We have consolidated our debts from just over $1,000.00 per month to just under $250.00 per month.
We have comic and game "history" inventory already in place. If you are unfamiliar with comics or collectable gaming, think baseball cards. We have decades of comics and gaming collectables I`ve been amassing because I`ve always wanted a store like this, and you just can`t go out and buy "history".

What we bring;
We are owners of another retail store that does very well for us. We started this store from scratch nearly 12 years ago. So we know what we are getting into, and we know what it will take.
As stated above, we have 160 acres of land we can use as collateral. (If we had been smarter about this, we could have broken the land into 20 & 40 acre plots, and we would have had our loan. It seems lenders don`t like single large plots of land.)

The down side;
Our credit scores aren`t that great right now. We`ve been trying for loans and financing for the past month, and as you know that will bring down any score. We expect the scores to increase in the next 3-6 months.
There is a time-limit on this. Right now there is a prime store front location that is available. The owner of this property (and future landlord for us) is holding it for us, but he can only hold it for so long.

Our ideal situation;
$75,000.00 loan / financing
9% interest
2-4 years
We are willing to negotiate terms or other ideas.

I`d be happy to entertain any thoughts or questions as they come. 

Am I being too vauge or am I too specific? I figured after a week this might get a question or two. Am I doing something wrong?