In this episode, Ray discusses the importance of a BDO's upfront process for new deals and shares his proven process for receiving, assessing, and presenting a new deal to credit.
Ray's Pre-approval Checklist:
Business:
- 3 years tax returns
- Interim Financials (P&L Statement and Balance Sheet)
- Business Debt Schedule
Personal:
- 3 years tax returns
- PFS
- Credit score
- Resume (for business acquisitions and start up's only)
Affiliate Businesses:
- 3 years tax returns
- Interim Financials (P&L Statement and Balance Sheet)
- Business Debt Schedule
Transaction specific:
- LOI / Purchase agreement (for business acquisitions, partner buyouts, and CRE)
- Offering memorandum (for business acquisitions, if available)
- Franchise Discolure Documents (FDD)
- Project Cost Breakdown (for expansion / start-up)
- Projections (for projection based deals only)
