Lots of big new from the last few weeks! After months of slow plodding things are now happening quite rapidly! It all started when I finished up my business plan. That was the key thing I needed before I could start talking to bankers and lawyers. I don’t have much to go off of except examples from the internet but I think I did a pretty good job on the plan and the financial projections!
At this point I’ve talked to 3 different bankers. None of them have grilled me like I thought they would! In fact, everything seemed no harder then the business I conduct in my day job. I do need to provide them with a lot of info and I image that will take them time to process. Especially considering that I will probably be going through the SBA which is notorious for taking a long time to approve loans.
I’ve also talked to a lawyer. I’m going to need legal council to make sure that all the paperwork is correct. More than likely I will be putting in an offer on the place before the bankers have approved the loan. So this means there needs to be all the right contingencies in the buying agreement in case the loan, or something else, goes wrong.
It’s all very exciting and I think that we may be only a short period of time away before putting in an offer!
Hard Learning 