FirstClass has been assisting firms like yours, in filling the gap between your banker and your firm. For over 30 years, our goals have been to understand the transaction and the needs of CPAs & EAs. Our partner banks have provided financing for practice sales, purchases, office improvements, expansion, lines of credit and commercial real estate.
For practice sales and acquisitions, the loan size goes up to $1,500,000. Our partner banks also offer customized loan amounts that provide up to 70 percent financing for a practice owner, or up to 85 percent for a first-time business owner. Repayment options include 12 months of interest-only payments, or up to 10 years.
Initially, we will gather all required documentation from both the seller and the buyer in order to properly package the transaction, remember, we are creating the story and making sure that it will be a successful store. The loan packaging process is tedious, but necessary. This will include gathering of 2-3 years for financial and tax documentation.
Once all documentation has been received a package will be created and bank will be chosen based on the type of firm and size. The bank will review the transaction and normally, will issue a letter of interest within 10 days, if the bank is interested in the loan that is.
The letter of interest will have the bank’s terms and conditions of the loan. If it is acceptable to the firm, then underwriting will commence. Closing is normally, 45 days from the date of application, that is if all information is accurate and readily available.
Our experience in this business has enabled us to make strong banking contacts that are familiar with these type transactions. This will enable you to move on with the deal instead of stalling at a local bank and waiting weeks for a decline.
FirstClass Consultants will guide you through the entire loan process that will likely include gathering more information and paperwork. We will answer all of your questions along the way. We are not interested in just providing banking contacts; we are interested in providing professional guidance which can ultimately help in getting an approval.For more information on our Financing, please contact us below.