Financing a Funeral Home
If you are seeking a funeral home loan, dealing directly with the bank will save you time and money.
The bank is the one lending you the money and the bank is bearing the risk of your loan. Dealing with banks can be difficult if you don't know the lending process and the information a bank needs to make a credit decision.
Banks need your loan business and they want to approve your loan. But, they need to prove that your business can service the debt you are requesting. To prove your debt service the bank will need to see a current picture or snapshot of your business and personal income and expenses. So the bank will need your historical federal tax returns and your current financial statements. They need to see a current picture of your existing business and personal debt.
The keyword here is "current". Your tax returns and financials must be filed and current. If your behind on filing your taxes a bank will not have the information they need to make a credit decision. Remember, the bank needs a "current" picture to make a credit decision, they cannot make a decision based on what happened two years ago.
Before you call a bank you need to have your "picture" ready. A current picture of your business and personal finances. A current picture of the business you are buying. When you call a bank and you are prepared, your banking experience will be much different than the horror stories you've heard about from others.
Being prepared is key. It shows the bank that you have attention to detail and an understanding of the financial aspects of business. Your banker will be much more confident in your abilities if you are prepared financially.