Have you ever needed an expert to complete a project for you? Did you complete some research on different experts and obtain quotes from several of them to learn more about options and costs?
It takes time and effort to go through the process of obtaining and comparing options. In the end, you may decide to go with the lowest cost option or you might select the option with the highest cost after taking customer service, reputation and other factors into consideration.
But you typically feel much better about the option you choose once you know more about other options available to you.
CBI’s Loans4Biz goes through a similar process when helping a buyer/borrower obtain financing for a business acquisition or other type of loan.
Kelly Tivis, Loans4Biz Program Administrator, has connected with over a hundred lenders and those lenders have varying levels of experience. Their banks have tastes for some industries and avoid others; their loan review committees and boards of directors also have different policies that dictate what they will accept. What one lender does not like; another pursues.
Every business acquisition deal is different. The business has its own characteristics. The buyer/borrower is unique. The offer was structured in a specific way that works for the buyer and seller.
Which lender is the right one for a particular deal?
Loans4Biz takes the time and effort and has the experience to efficiently obtain and gather the documentation needed to present a deal via a Confidential Deal Room (CDR) to many different lenders. Due to the organized and effective format of the CDR, most lenders can quickly determine whether they are interested in a deal after reviewing the information provided in the CDR. Lenders who are interested are invited to submit a proposal often resulting in a several options with varying terms for the buyer/borrower to review and consider. When a deal is particularly challenging, only one lender may be interested – but the challenge of finding that one lender has been overcome by presenting the deal to multiple lenders.
Working with multiple lenders provides many benefits, some of which have been presented in this article. The main benefit, of course, is that a deal has a much better chance of getting to the closing table.
Consider how much time and effort it would take for you to obtain and gather information, contact and meet with multiple lenders and then obtain proposals from those lenders. Then consider how much time and effort you would save you if you allow Loans4Biz to do the work for you.
To learn more about the Loans4Biz program, contact Kelly Tivis @ 479-770-8989 or kelly.tivis@cbiteam.com
