It shouldn’t come as a huge surprise, but getting a business acquisition loan is a somewhat lengthier and more involved process compared to other types of financing. Your lender needs to evaluate more than just you; they also need to assess the business you plan on buying. At First Bank of the Lake, we also always recommend consulting with professional advisors early in the process such as an attorney or CPA.

With that in mind, having some of these items prepared in advance can help your lender deliver a faster, more reliable loan decision. We have put together a quick list of items to consider early in the process. This is not an official or comprehensive list, but it covers some of the most important and time-sensitive items needed in the loan process, meaning that you can get a quicker loan approval and close your loan faster. 

Bruce will get you approved and funded! We recently acquired Highland Roofing, a commercial roofing contractor in North Carolina, and found ourselves repeatedly screened out due to (i) the size of the loan required, (ii) the amount of goodwill on the balance sheet, and (iii) the company’s new construction exposure. Until Bruce, we struggled [to] find a financing partner that saw what we saw – a vibrant, growing company with a deep pool of talent. Bruce and FBOL got the pitch and saw our vision when no one else would. Bruce and his team get highest marks for how they conducted themselves throughout the process.