“If you got a 95% loan on 1.5 mil, it would be a $1.425 million loan… you would need, like, $220,000 a year for the bank to give you the loan.”
PN
Pat Noll
Equity Mates Investing Podcast ·
“Have everything ready where possible. Have the bank assess it upfront. So, then when you find a business, you're already like in a really good position to act quickly. And when you need to provide additional information, make it really easy for the bank. Like have given everything in one go, really well organized”
The Deal Room · [EP 316] Getting a Loan to Buy a Business: What Banks Actually Check Before They Say Yes
Play from 11:00
11:00
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What was described
prepare all required loan documents in one go, well organized, and give them to the bank upfront
Said nearby on the same subject
“We organize almost like a mini event for the organization… we try to give as much value upfront so that the team can get it approved”
JO
Journey Ops
This is Journey Management ·
“Never loan family money under any circumstance. Never loan friends money under any circumstance. If you have the money and you think they need it and you want to give it to them, give it to them.”
DR
Dave Ramsey
The Ramsey Show ·
“If you record it as a loan and just acknowledge in that document that it's secondary to the bank's interest, the bank will accept that more often than not.”
♫
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