Client purchasing a (45 year old) well established business in Northern NJ

[mbernier]

I have a broker that came to me that has a client that is in the process of selling his business to a new owner with a 700+ FICO Score.

They have a client purchasing a (45 year old) well established business in Northern NJ providing maintenance & repair services to commercial clients across Mid-Atlantic.

The business with $3.6 Million in annual revenues is consistently profitable and throws off about $320,000 in annual cash flow to its current Owner. The business has equipment & machinery in addition to a fleet of 11 well-maintained service & delivery trucks.

His client is buying the business for $600,000 with the current Owner financing most of this purchase-price, i.e., $400,000 in Seller-financing.

Can you arrange $200,000 (min.) to $300,000 (max.) in a "bridge-loan" for my client (for 12+ months) to close on this deal by 30 September. 2017?

The old owner will not sign anything in regards to this transaction, so everything would have to be guaranteed by the new owner.

Do you think you can do something on this one?

Message Me: Mike Bernier

[therealarron]

Client purchasing a (45 year old) well established business in Northern NJ

Does the potential new own have another business that has a monthly gross revenue of $100-150K? If so I can help.

Email me at arron@merchantloanservices.com

[mbernier]

Unfortunately not, but thanks for trying.

[Jon Meyer]

I believe, I can help out. Please call me at 631-861-3968 & my email is jmeyer@lendficorp.com.

[richierichard]

You should find out if the seller put a UCC lien filing because no lender will go behind a UCC filed in the first position cause the moving equipment is a risky type of collateral see if the borrower has good personal income outside of the business and that last years tax return showed at least 50,000 for AGI if so please email me at milford@commercialmortgagecap.com

[therealarron]

Client purchasing a (45 year old) well established business in Northern NJ

I believe that I can help with this. I misread initial request. We lend to businesses not individuals so as long as the new owner can produce 6 months of previous business bank statements, we can look at this deal. Email me at arron@merchantloanservices.com Thanks

[mbernier]

Thanks for trying to help, but the new owner does not have a business currently. I told him that I can get him this loan as long as the old owner co-signs the docs for the loan to purchase the business, but they are using this as a last resort option.