“Getting the Good Numbers when Buying a Business”

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Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Getting the Good Numbers when Buying a Business”

 

 

Good morning Joe,

I have attached the explanation letter you requested we write to present to the to the lender you have chosen. Unfortunately, we were unable to obtain any additional financial information from the previous owner of the sales territory that we purchased.  The seller of the business was uncomfortable to share his personal tax returns. I had to rely on the company for the financial information, but investment was really worthwhile.

Besides the letter of explanation I have included the income and expense numbers directly from the franchisee, which I am assuming will give you the numbers you are looking for.

Let me know if you need anything else.

 

 

Buying a new business and needing to get a new mortgage for a home isn’t always easy, especially when you can’t get good numbers on the business, which is the case with my client.

 

A lender needs to have GOOD numbers when it comes to qualifying for a mortgage, but if we are diligent on collecting as much information about the business, including past history this can be done. The client has owned a similar franchise in the past, so the track record piece is a bit easier. There is always a way to make a transaction work!

 

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Rainmaker
5,475,438
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

ood morning, Joe Petrowsky the only reason I can think of for a business to not share numbers but wanting to sell is for thoughts of an audit!!!

Jan 13, 2020 03:10 AM #1
Rainmaker
3,757,761
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. This type of transaction is only possible through an experienced mortgage broker with many funding sources. Enjoy your day!

Jan 13, 2020 03:57 AM #2
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