Business Purchase Financing - Tips For Faster SBA Loan Approvals
The most common question clients ask me about business purchase financing is how fast can we secure them funding to get their business purchase completed.
While there are many steps we (myself and the actual lender selected) must pass through from start to finish my answer is "it's all up to you."
This statement often catches people off guard but it is the absolute truth.
There are certain items you must have ready in order to start presenting "a transaction or deal" to potential lenders and financial institutions.
Your quest for SBA business acquisition financing will be much faster if you have the following items ready:
* Past 3 years personal tax returns for all owners with 20% or more ownership (Federal Returns only)
* Personal Financial Statement
* For any other affiliate company with at least 20% ownership by an owner of applicant business you will need to provide the past 3 years corporate tax returns
* Resume
* Signed Purchase Agreement
* Brief write-up about the business - possible "mini" business plan
* Past 3 years corporate tax returns of the business you are purchasing
* Past 3 years P&L and Balance Sheet of the business you are purchasing
* Interim P&L and Balance Sheet of the business you are purchasing
* Reason the current owner is selling
If you have all of these items ready to go it will help get your business purchase financing deal into underwriting much faster. If you are in the early stages of searching for a business to buy then simply have your personal items available for review, once you have identified the business you desire we can then request the items needed from the owner/seller.
A complete package is more likely to be put at the top of an underwriters pile whereas an incomplete package can drastically reduce your changes of funding altogether for your business (or business with real estate) purchase.
Categories: BizBen Blog Contributor, Business Purchase Financing, How To Buy A Business, Small Business Financing
Contributor:
| Helpful Resources To Assist In Selling And Buying California Businesses |
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Diane Boudreau-Tschetter: Escrow & Bulk Sale Services In California California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100. |
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Elizabeth McGovern: Escrow Services - San Francisco Bay Area McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645. |
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William F. Ziprick, Attorney: Legal Services For Buyers And Sellers Through creative problem solving, attention to detail, accessibility, & understanding that unnecessary delay is often a deal killer, I work closely with my clients and other professionals to consistently achieve a high rate of closings. Office: 909-255-8353, Cell: 509-951-7230. |
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Shalonda Chappel: Escrow & Bulk Sale Services - Southern California Escrow services to brokers/agents, sellers, & buyers. Established 43 years. Extraordinary service. Experienced with handling difficult transactions. One stop for all your escrow needs: Bulk sales, lien searches, UCC searches, liquor license transfers, publishing & recording services. 951-808-3972. |
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Brad Steinberg, Business Broker: Laundromat Specialist PWS is the leading laundromat broker in California. Since 1968 PWS has brokered over 2,500 laundromat sales. With over 90 employees dedicated to the coin laundry industry, PWS has 18 licensed agents, a 3 person in-house finance department, 10 service technicians and a 20 person parts department. |
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Helen Yoo, New Century Escrow - Escrow Services In Southern California Helen Yoo at New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151. |
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