Bank insider reveals how gym owners can make millions usi...

What this episode covers

John Franklin (https://twitter.com/JohnIsBuilding) & Mateo Lopez talk to Angelo Medici, a senior VP at Live Oak Bank (https://www.liveoakbank.com/), where he reveals exactly how gym owners can use the bank to build their wealth really fast. Show notes: (1:39) What is Life Oak Bank and SBA lending? (6:12) What makes a gym bankable? (aka, good target to get a loan) (9:09) What is the debt service coverage ratio? (11:48) How can gym owners value their business? (13:33) Example of a deal structure as a buyer with SBA (15:51) Benefits of SBA lending (17:47) How can gym owners qualify for an SBA loan? (18:47) What do payments & rates look like for a $1M loan? (23:17) How do interest rates affect a business's value? (25:53) Can you borrow from other lenders to put equity into an SBA? (28:17) What does the SBA timeline & process look like? (33:41) Can you have multiple SBA loans? (37:35) If you're not profitable, can you still qualify for a loan? (39:06) How do banks calculate a gym's EBITDA number? (42:31) The BEST use of an SBA loan (46:27) If I profit more, am I obligated to pay off the loan faster? (48:15) What is a line of credit and how does it work? (52:49) Where should gym owners look for a broker? (55:10) I have no experience in business, can I still qualify for a loan?

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Frequently Asked Questions

How long is this episode of Gym World Worldwide?

This episode is 58 minutes long.

When was this Gym World Worldwide episode published?

This episode was published on June 30, 2023.

What is this episode about?

John Franklin (https://twitter.com/JohnIsBuilding) & Mateo Lopez talk to Angelo Medici, a senior VP at Live Oak Bank (https://www.liveoakbank.com/), where he reveals exactly how gym owners can use the bank to build their wealth really fast. Show...

Can I download this Gym World Worldwide episode?

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