Home: Message List - Financing for a established funeral home

Re: Financing for a established funeral home

gary_banker — Mon, 20 Jul 2009 00:32:23 GMT

Knightnurse,

My name is Gary and I have been in the lending field for 15 years. I have some great lenders that might be able to help you get the funding that you need. Email me with your contact info at gary_banker@yahoo.com and i will get in contact with you to see if i can help you.

Gary

Re: Financing for a established funeral home

knightnurse — Fri, 10 Jul 2009 13:31:19 GMT

The funeral home also comes with a large cemetary that is about 10yrs old. They also have their own crematory at the main facility which services other funeral homes in the area. I worked in a funeral home all through high school and part of college but went on to other vocations but it has always been my first love as a business. My father owned and operated a funeral home for several years and would work with me in this business. The current owners are willing to stay for as long as needed to help me in learning the management of the business. I don't know yet but I'm pretty sure they are willing to carry part of the purchase price. I have found sites on the internet that specialize in funeral business financing. Once I have the specifics I was thining of contacting one of these (NewBridge, Vineyard).

Re: Financing for a established funeral home

phanio — Thu, 09 Jul 2009 09:28:31 GMT

Hvae you talked to your local bank? Ask about their programs as well as SBA programs. If you can raise that amount for a down payment and have experience in the industry - you seem like an ideal canidate for a simple fixed term loan.

Business Money Today

Re: Financing for a established funeral home

wilfin — Sun, 05 Jul 2009 13:56:59 GMT

I agree with everything posted in response to your inquiry. If you need additional help please
contact me. Info on my company and contact info is on my profile. Thanks.

Re: Financing for a established funeral home

Dr.King — Sat, 04 Jul 2009 02:46:02 GMT

I hope this don't post twice I seem to be having problems getting these replys to post. Anyway my family owns two funeral homes and I am a license Funeral Director in Charge of one of them. If you can raise 600k you should be able to ge a SBA loan. Check with the SCORE counselors throught SBA as advised in the first reply.

Dr. King

Re: Financing for a established funeral home

onpurpose — Sat, 04 Jul 2009 02:44:03 GMT

Hi Knightnurse,

Because a relative owns the funeral homes, ask if they are willing to finance a portion of it. You may have $1.0+ in financing available there. Put down $500k and leave yourself some working capital if you can. Another option is for them to keep 25% equity, provide seller financing, and take a big part of your cash.

Do you have business experience, especially with running a business? Are current employees willing to stay? Are some key people getting close to retirement? What potential does the business have for growth so you could pay off loans quickly and buy out the remaining equity stake.

Another option is to find a funeral home director in another part of the state or country who might stake you a portion of the downpayment for a minority interest and first right of purchase (if you can't make a go of it). This plus your equity could qualify you for bank / SBA financing.

I have a client who consults with around 50 independent funeral home directors around the country. He's been in the business for 30 years. I'm happy to connect you if you wishe. Drop me an email through my profile.

Be On-Purpose!

Kevin

Re: Financing for a established funeral home

Dr.King — Sat, 04 Jul 2009 02:15:57 GMT

Hi knightnurse,
My family own two funeral homes and I am a licensed Funeral Director in Georgia. If you can raise 600k plus the credit score you have it should not be a problem. Try the SBA website for the low doc loans or 7A loans. The Score counselors through SBA can help. If you get 180 calls per year that is very good if they are paying in full.

Dr. King

Re: Financing for a established funeral home

LUCKIEST — Thu, 02 Jul 2009 11:35:18 GMT

Financing for a funeral home, Welcome

Start with a Business Plan , then visit SCORE. SCORE is FREE

Good luck

Financing for a established funeral home

knightnurse — Thu, 02 Jul 2009 02:51:58 GMT

Hi,
I have the opportunity to purchase a pair of funeral homes (one is the only one in a rather booming town) owned by a shirt-tail relative. It is a very going concern doingI about 180 funeral a year. I have yet to actually meet with the owner but am guessing the price will be somewhere between 1.5 and 2 million. If I sell everything I own I might be able to come up with about 600,000. I have excellent credit (795). Is there any chance of me pulling this off? What is the best route to go to get a loan if he will not carry it?

Thanks