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Additional work and documents, such as property inspections and appraisals, inventory verifications, and environmental reports, etc. are required after lenders make conditional loan commitments.  Those requirements add even more parties to the process.  Their efforts must be coordinated, the right paperwork secured, and final touches added to the lending package.

Understanding—and Expediting—the Process

BFN excels at putting together thorough loan packages and submitting them to appropriate and probable lenders.  We constantly monitor the status of each project.  Nevertheless, every project is different, and for each pleasant surprise there often is an offsetting delay.

The most simple transactions take at least a month from the time clients engage us and begin the application process, to actual loan closings.  Add a mix of players, varying criteria, and other contingencies, and the process can require 75-90 days. 

Those who minimize the time required to obtain loans for business sales and imply they can obtain funding in a couple of weeks rarely are telling the whole story.  That often creates unreal expectations for both the sellers and buyers.  Quite often, it also results in prospective borrowers paying up to several thousand dollars of fees—in advance, of course—only to find that the supposed lenders who “wanted their deals” have vanished.

BFN does not minimize the time and effort required to win financing.  We know it is time consuming—even when done properly.  Forearmed with knowledge about the various steps and cooperative attitudes, however, the various parties can expedite the process.

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