Entrepreneur Uses a Commercial Loan to Purchase a Theme Park
A former consultant and Harvard Business School graduate with extensive experience in managing large businesses wants to purchase a renaissance theme park. The business is 28 years old with a strong cash flow.
The entrepreneur needed to value the business and finance the acquisition.
Biz2Credit reviewed the financial statements of the business and the personal financial statement of the entrepreneur. After understanding the nature of the business, Biz2Credit recommended that the entrepreneur conduct an appraisal of the business's going-concern value and apply for a loan through the United States Department of Agriculture's (USDA) business and industry program. The entrepreneur received a loan for 75 percent of the business price. Additionally, Biz2Credit suggested the seller to provide 5 percent as a seller note.
- Received funding for 80 percent of the business price
- USDA loan provided at 7 percent with 20 year term
- Going-concern assessment boosted appraisal value
- Fast approval
The entrepreneur received a loan for 75 percent of the business price. Additionally, Biz2Credit suggested the seller to provide 5 percent as a seller note.
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