Get Your PreAproval for Franchise Financing


Before you invest money into the purchase of your franchise,  gather some basic information for your lender to find out if your business has a possibility of getting franchise financing.  I hate seeing people invest money into a business that has no way of getting financing.
 

We Close More Franchise Loans than Anyone. Give me a call today to get your loan closed at 866-400-8630 or 512-650-8630. 

 

1. Project Description. Just a cover sheet stating loan purpose, the name of borrowing business, and name of owner(s). State buyer’s experience in the industry. Please specify how proceeds are to be used (Total Project Costs), for example $500,000 for real estate purchase, $50,000 for renovations, for a total project in the amount of $550,000. Include how much money, you, the applicant is putting down on the project. 

 

 

 

2. Business Financials. Full business tax returns (including statements and K1s, for the last three years AND/OR year-end financial statements (Profit & Loss/Income Statement and Balance Sheet) for the past three years. This info is needed from borrowing business and selling business. Your accountant usually has full copies electronically which are easier to read and store. 

We Close More Franchise Loans than Anyone. Give me a call today to get your loan closed at 866-400-8630 or 512-650-8630. 

 

3. Personal financial statement from each owner.  The personal financial statement is the business application form. Click on the link to down load the application. SBAPersonaFinancialStmt.pdf

4.  Resume on all owners (prefer experience in the same industry).

5.  Prospective Owner’s Credit Report.  I recommend you providing your own credit report to the lender.  When you pull your own credit it is considered a soft pull and does not lower your credit score.

I hope this information helps you.

Wishing you the best,

Karen Schimpf

We Close More Franchise Loans than Anyone. Give me a call today to get your loan closed at 866-400-8630 or 512-650-8630.

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Here’s A Little Bit About Me. 20+ years in the finance industry, I rose to the level of Assistant V.P. with Chase Manhattan. While working for Chase, I decided that I wanted to have residual income without having to quit my job. I bought my first apartment building in 1996, three days before my wedding.

In 2001, I decided I would leave the corporate world and work for myself in a net branch environment.

My passions are helping people get commercial mortgage loans. I also am passionate about investing, working out and being with my family and friends.