(In regard to Sold – Adams Truss) After his offer to acquire Adams Truss was accepted, Mike decided to participate in the Loans4Biz (L4B) program – a service provided by CBI’s Management Team to buyers/borrowers who need to obtain financing for acquisitions.
Kelly Tivis, the Loans4Biz Program Administrator, worked with Mike to prepare all documents typically required by lenders who are interested in financing business acquisitions. His resume, financial statement, business plan and all other documents were reviewed and revised as needed. Then all documents for the buyer and the seller were gathered and uploaded to a Confidential Deal Room (CDR) for review by interested lenders.
Since the terms for bank financing and owner financing in the original offer resulted in challenges to debt service coverage ratios, L4B Program Administrator Kelly Tivis suggested that lenders be allowed and encouraged to re-structure the deal.
Within a matter of days after the deal was presented to lenders, Mike received several different proposals with various structures proposed – and he ended up selecting a proposal that offered a very competitive interest rate and included a generous amount of working capital.
Seller Pat Adams said, “CBI was efficient in finding the best buyer for our business.”
Kelly continued to work with Mike and the selected lender to obtain any additional documents and information required…until the day that the deal closed successfully.
Buyer Mike Fields said, “CBI Team was helpful in working to obtain the best financing options through their Loans4Biz service and provided a smooth closing and transition of ownership.”
The Loans4Biz program saves participants time and money by offering the following benefits:
– Assistance with gathering and completion of documents required by most lenders
– Initial communication with all lenders managed by the Loans4Biz program manager
– Much better chance of finding a lender who is interested in providing a loan
– A number of financing options presented for consideration
– Thousands of dollars of interest saved over the full term of the loan
Although the Loans4Biz program was created to assist buyers of businesses listed by CBI, the benefits of using the Loans4Biz program are available to anyone who needs assistance with financing…whether or not you are buying a business listed by CBI.
To learn more about the Loans4Biz program, contact Kelly Tivis office number: 479-770-8989 or kelly.tivis@cbiteam.com
