Search Florida Businesses that are lender pre-qualified.
Purchasing a business that is Lender Pre-Qualified gives you the confidence that the Lender, most often a SBA Lender, has reviewed the financials and they are willing to lend to you the funds needed to purchase the business provided that you qualify. Also, we want to clarify that because it is Lender Pre-Qualified does NOT mean that is just a rubber stamp away from closing. The lender will look deeper into the financials once a business is under contract to make sure all is compliant with their lending practices. This can save a lot of time and permit a quicker closing if all aligns with the Pre-Qualification. We will guide you through this process to make sure it goes smoothly. Warning! There are a few SBA Lenders (Mortgage Brokers) that will just give out a Pre-Qualification Letter and they have not even see the financials. They give out the letters so the business can be advertised as Lender Pre-Qualified.
See Our Helpful Article – Stretch Your Equity to Buy a Larger Business
There are several options to finance your new business. There is the bank you presently deal with who many times will give you favorable terms if you have had a good relationship ship with them, there is the SBA (Small Business Administration) which is a Government entity that loans Purchasers money to buy a business and existing businesses to expand or improve their business (it is similar to a FHA loan) and there are many times the Seller will finance the business. Last you have either family or a friend who would like to loan you the money, although I necessarily would not advise this. F.Y.I. did you know that Jeff Bezos (Amazon founder) parents loaned him $300,000.00 to start Amazon. Again, we will help guide you through this process.