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Click to view LUCKIEST's profile SCORE LUCKIEST 8,136 posts since
Aug 6, 2007
0. Re: 110k for Business Purchase - Banks are turning me down Mar 9, 2009 7:12 AM
Business Purchase, Welcome

Who are you?? What is the problem IF the owners will finance the deal??

LUCKIEST
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Click to view DomainDiva's profile Founders DomainDiva 1,763 posts since
Oct 10, 2007
1. Re: 110k for Business Purchase - Banks are turning me down Mar 9, 2009 12:41 PM
This forum is not affiliated with BofA lending. Banks do not care about loan customers right now, they want deposits and people to pay their credit cards off.

If the business owner is willing to finance, go that route, Make sure your accountant does a thorough forensic audit and your attorney draws up the sales contract. Be specific about the loan terms and repayment.
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Click to view shodges439's profile Mogul shodges439 12 posts since
Nov 11, 2008
2. Re: 110k for Business Purchase - Banks are turning me down Mar 9, 2009 9:07 AM
If the equipment is not listed on the balance sheet, beware. The question to ask is, will the equipment convey with the proposed sale. If that is the case what needs to be done when the sale is consumated. Contact a good lawyer and accountant.
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