samm
Posts: 3
Joined: 3/2/2008
Status: offline
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I recently had a problem securing financing for a very strong business with ample cash flow, selling at a low multiple to earnings, very clean books, 40+ year operating history, buyer with a very good business plan, great credit (800) and strong management skills yet he was denied by the bank (current owners bank) and stated he had no industry experience. He was willing to go to a 1 week training school to learn meat cutting. He has $100,000+ in a 401K and was willing to pay off some credit card debts beforehand. When I saw a mention on global bx about applying to multiple lenders, I was intrigued as this potential buyer only applied to 1 bank. What are the rules of applying to multple banks at the same time? Also, do you suggest intermediaries such as Siegel Capital and/or Diamond Financial? Please advise.
Sam Alberico
The SJD Group
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