Today’s SBA Financing Tip: Standbys on Seller Carry Notes Suprise A Lot Of Sellers In SBA Financed Deals – Taking back a note by the seller on a deal can sometimes mean the difference between a deal getting financed or not. Many SBA lenders handle this situation very differently. Many lenders on the larger SBA loans will make the seller take a “standby” on their note – meaning they may only get paid interest for duration of time, or no payments for a period. Borrowers, and owners need to get these details upfront since many lenders will “purpose” this structure late in the loan process – upsetting all privey to the deal.
Today’s Featured SBA Loans Pre-Qualified Business For Sale:
1. Monmouth County, New Jersey based restaurant business for sale – Absentee managed, zagat rated fine dining restaurant, showing great returns. All figures are documented. Award winning wine list, situated in the middle of affluent monmouth county dining community. Extremely attractive spacious dining rooms, seperate bar area. New kitchen & equipments service, staff are well eductaed. Diner base is growing and with over $60 per person check average. Profits are increasing-now allowing reservations for larger functions, never booked them before. Not too much of a down fall from summer months. Has parking, fantastic opportunity for knowledgeable owner/manager. Deal Structure: Price: $1,125,000, Adjusted Net: $232,433.
2. Virginia Beach, Virginia Beach City County, Virginia based bar and restaurant company for sale – Very attractive sports bar & casual restaurant, remodeled in 2006. Almost all local clientele that regularly frequent the business for sports events and fun. Excellent food and staff make this a very friendly place for the locals to hangout. Most can walk home. A restaurant has been at this location for over 60 years. Deal Structure: Price: $485,000, Adjusted Net: $190,000.
* Note: These businesses have been business pre-qualified only – buyers of these businesses will also have to be pre-qualified – before SBA loan business purchase financing may be obtained. Approximately 32 different factors (buyer/seller info) are evaluated in the SBA loan process for business purchase loan financing.
NOV
About the Author
Peter Siegel, MBA, Founder and President of BizBuyFinancing, has been assisting business buyers, owner/sellers and intermediaries to obtain business purchase financing since 1990. For more information about business purchase financing, please phone Peter Siegel, MBA at 800-540-1811.