Monthly Archives: December 2018

Business Purchase Financing

The most common question clients ask me about business purchase financing is about how fast we can secure them funding to get their business purchase completed. While there are many steps we (myself and the actual lender selected) must take from start to finish, my answer is “it’s all up to you.” This statement often catches people off guard but it is the absolute truth.

There are certain items you must have ready in order to start presenting “a transaction or deal” to potential lenders and financial institutions. Your quest for SBA business acquisition financing will be much faster if you have the following items ready.

* Past 3 years personal tax returns for all owners with 20% or more ownership (Federal Returns only)
* Personal Financial Statement
* For any other affiliate company with at least 20% ownership by an owner of applicant business you will need to provide the past 3 years corporate tax returns
* Resume
* Signed Purchase Agreement
* Brief write-up about the business – possible “mini” business plan
* Past 3 years corporate tax returns of the business you are purchasing
* Past 3 years P&L and Balance Sheet of the business you are purchasing
* Interim P&L and Balance Sheet of the business you are purchasing
* Reason the current owner is selling

If you have all of these items ready to go it will help get your business purchase financing deal into underwriting much faster. If you are in the early stages of searching for a business to buy then simply have your personal items available for review, once you have identified the business you desire we can then request the items needed from the owner/seller.

A complete package is more likely to be put at the top of an underwriters pile whereas an incomplete package can drastically reduce your changes of funding altogether for your business (or business with real estate) purchase.

Easy Personal Finance Tips

Every month we end up spending more and feel the stretch over financial commitments. Often people think about saving more than doing it seriously. This recession period and subsequent lamed growth, has compelled us to give some serious thought to managing personal finance prudently in order to save enough. This article gives some significant input regarding administration of personal finance.

1. The first step is to create a feasible budget that allows you to spend comfortably and meet your basic needs as well as save sufficiently. It should not just be put on paper to forget; instead the budget must be followed stringently. Keep a track of all your payments including electric, phone, fuel and your credit card bills. You can pay through direct debit which can ensure your timely payments and create good credit ratings for you.

2. Good personal finance management requires some compromises and sacrifices on your end. Try to keep a check of your unnecessary food, snacks and alcohol expenditure. Even saving on them just once a month can make a big difference.

3. Your outstanding mortgages, loan repayments and credit card bills must be a priority while planning your savings and investments. It is important to remember that even a few non payments towards your loan installments can lead to severe financial problems or even bankruptcy in worst cases. If you sense that your credits are mounting and it is difficult for you to pay them, it is advised that you immediately review the situation and consult creditors for a solution. You can ask for easy payment solutions or even raise money from other sources to get out of raising debt.

4. Diversify your investments in insurance, shares and other policies that are safe and give good returns. Remember that wise financial planning can help immensely in solving many of the economic problems that you may encounter in your life.

Looking For Personal Finance

Are you prepared to be in complete control of your finances? Controlling your financial future is a vital part of living a happy life. Here is some valuable information to help you manage and control your personal finances.

Don’t get set in your ways and stay with the same investments that did well for you previously. If your investments are not paying out like you expected, you should start looking for another solution and select a more stable investment.

To boost your credit score, it is important to repay existing debts. You’ll need to cut back your spending so that you can completely pay back all your debts. You can make changes like eating out less and limiting how much you go out on weekends. Making your lunch for work and eating at home during the weekends and at night can dramatically reduce your expenses.

Your FICO score is based on the balances of your credit cards. Higher balances will negatively impact your credit score. When you have less of a balance, you will have a better score. Ideally, your balance should remain at less than 20 percent of your credit line.

If you’re in the market for a mortgage, try to increase your credit score until it meets or exceeds 740. Interest rates on mortgage loans will be better with a credit score in that range. If your credit score is not good, take all the time you need to improve it. Try to avoid buying a house through a mortgage if you have a low credit score.

Prepare yourself for all kinds of situations by placing money in savings accounts. Use your savings account to fund high ticket items so that you save money on credit card fees and interest. You will also need to earmark some savings for retirement. If your expenses are less than your income, you should be able to save money every month.

If you can, set up an automated payment for your credit card. That way you never forget.

Before you can begin to accrue wealth, you must ensure that you are always spending much less than you are bringing in. Consumers who spend all or more money than they make tend to borrow to get the money back. This means that they will never build any wealth because they spend it before they even have it. Take stock of how much money comes into the household, and make sure the amount you spend is less.

Though things may look difficult, do not make the mistake of risking your retirement funds to get past the obstacles. There are many options available to you to take care of your personal finances. If you tamper with your future to fix your present situation, that’s like cutting off your nose to spite your face.

You should know by now that having good financial sense is a key part of proper living. You can improve your financial situation by following the helpful tips in this article. You can now meet your financial goals, have control over your personal finances and spend your money in an efficient manner.

Used Car Financing Tips

Are you looking into purchasing a new car, but don’t know where to start? There’s a lot involved! Am I going to purchase new or used? Is there a specific car I’d like? How much will insurance be? Will I be able to afford the car payments? Where will I get financing? To start, run down this checklist and see where you end up.

  1. Check your credit score
  2. When you’ve decided you’re going to purchase a new car check your credit score – ONCE! Since checking your credit score isn’t good for your credit, make sure you don’t check it multiple times and hurt your score.

  3. Decide how much you can put down
  4. Before considering any financing options you should think about how much you can afford to put down. Make sure that the number is something you’re comfortable with, and that you aren’t straining too much to get together a downpayment.

  5. Consider the monthly payments
  6. Now that you’ve decided what you can put down, how much can you afford to pay each month? This will help you to determine what price range you’re looking at for a vehicle. If you aren’t willing to do the math, you can always use a loan calculator.

  7. Pick your dealership
  8. Start looking at the dealerships around town. Is there a used car dealership that you’ve dealt with in the past that you’d like to go back to?
  9. Get Preapproved at your Dealership
  10. Most dealerships nowadays offer an online credit application. Fill that out and wait to hear from the dealership to determine what you’re approved for and what you can afford.

  11. Pick a Car!
  12. Now, the fun stuff! Go take a look at some cars. Test drive the ones you think you like, and bring someone along for a second opinion! Once you’ve found the car you want, you’re ready to drive away!

Swimming Pool Financing Tips

When looking to build and install a swimming pool in your home, it’s best to at least consider swimming pool financing as a way to purchase your pool. Many people do not know about this type of loan, and thus forgo the many advantages of pool credit financing.

First, you need to realize that adding a pool to your home adds value to your home. In other words, such an addition should be looked at and treated as an investment, which is one of the best reasons to add a swimming pool (in addition to the amazing fitness and fun benefits you can enjoy).

Fortunately, there are special companies that have been set up to help you make this investment. These companies specialize in making pool loans to people just like you, and can help you get the pool of your dreams, no matter the type you are desiring.

Some of the things you should look for in good financing for a pool are:

1. A reputable company
2. A company that will take into consideration the value that your pool is adding to your home.
3. A company with good pool loans rates
4. A company with good, knowledgeable customer service

Most times such companies will extend you either a pool loan or a total home refinance. If you can make the home refinance work, that may be the best way to go for several reasons. First, they should take into consideration that the value of your home will be increasing. This will help you refinance at possibly lower rates and may help you even lower your monthly cost. However, be careful to not take too much equity out of your home (i.e. borrow too much). Try to keep close to the same debt/equity ratio, and make sure that you don’t leverage your home too much, or you may find yourself in trouble going forward if you get hit financially.