Forums: Discussions for entrepreneurs and small business.

Based upon the information given, your credit history appears good enough. However, there are some other questions:

1. If the salon has few assets then how did they arrive at the price of $165L

2. Will the business be able to service the loan? The payments would likely be between $1500 and $1900 per month.

3. Why do you want this loan to be in your name?

There are several components to a business purchase including:

1. Determining a "valuation" of the business
2. Structuring the "deal" / offer
3. Arranging the financing.

These components are related. Generally, I advise against using a personal loan to buy a business. If you`d like to discuss your specifics, send me a PM.

You  face a couple of problems as it relates to this acquisition:

1) Without collateral it will be difficult to get an acquisition loan, especially if you are not acquiring the real estate.

2) Depending on your market 165k is on the more expensive side of a salon, you really will have to wow the reviewer on the potential of this business.