loopy #4791

The borrower appears to have a business address in Coolum Beach, but there is no Snap Fitness location in Coolum. What’s the deal?

The financials and cashflow forecasts are for Arana Hills 24-7 Pty Ltd. Is this the company being purchased? Can financials for the borrower also be provided?

Under “Financing Costs”, the cashflow forecast has a line item “Loans $320K – 7 years @ 9.0% pa”. Is this an existing loan, or a new one also to finance the purchase of the franchise?

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Teddy Bañas #4792

“Business address at Coolum Beach is the listed business location for our company at present, this is ours residential address
Yes there is no Snap Fitness location at Coolum Beach, the franchise being acquired is Arana Hills
The financing cost inserted was a hypothetical as I have $150K going into the purchase, so need a further $320K via financing from some source to complete, banks will only lend around $175K maximum hence the shortfall”

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loopy #4793

Thank you for the prompt response.

Does that mean you do not currently operate a Snap Fitness facility? Demarche Fitness has been created to purchase the Arana Hills franchise?

I am a bit confused as the loan listing states “located in 1.5 hours north of Brisbane”, but Arana Hills is far less than that.

If you get $175K from the bank and $60K from this Marketlend loan, you will still be $85K short of your $320K requirement. What are your plans for this?

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vincemartin #4837

Good afternoon, that is correct, I am seeking to purchase an existing franchise location at Arana Hills.
The company Demarche Fitness is an existing company which i have owned for over 10 years, it was previously the operating entity for another business I owned which was sold in 2010 (financial advice practice).
You are correct, the actual centre is located in Brisbane (Arana Hills is around 15 kms from the CBD). The statement of ‘1.5 hours north’ was an assumption made in the listing only because I live on the Sunshine Coast and the company’s business address is currently listed at my home address.
I will be able to contribute the additional funds needed (as stated around $85K) to meet the shortfall as you have noted

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