But I have a great business plan

I spent some time on the phone yesterday with an individual that has put together a transaction involving a parcel of land that he thinks would be a good spot for a mini storage. The town he lives in is currently experiencing growth and he sees an under served market – storage. He has managed to find the land, get some drawings done and has arranged for the contractors required to do the work. He has about 10% of the total cost in cash and is looking for financing for the balance. He called several banks and was not able to get a loan for many different reasons the least of which include loan size (too small) and lack of interest from a banker. Continue reading “But I have a great business plan”