Type- Lender and Brokers License
Offices- 2 States
States Licensed- 8
Location- Mid Atlantic/ Southeast
Business Channel- Retail
Loan Source- Loan Officer self-sourced
Conventional- 35%. Government- 65%
Closed Loan Volume 2023- $140,000,000
Net Income- $250,000
Asking Price- $1,250,000 - $1,500,000
Terms- 25% - 50% up front. 50% paid over 2-3 years as an earn out
The process/steps for consummating the purchase of this company are as follows:
Step 1- 30 minute introductory call with Milestone Mergers.
Step 2- Sign NDA with Milestone Mergers.
Step 3- Provide proof of liquid funds in the amount of at least $1,500,000. ***
Step 4- Sign Contract for Milestones Mergers Fees.
Step 5- Sign NDA with seller.
Step 6- Introductory Zoom Meeting with Seller.
Step 7- Exchange of Basic Financial information.
Step 8- Sign Non-binding Term Sheet for purchase of company.
Step 9- Sign Binding Contract for Purchase of company.
Step 10- Provide refundable deposit in the amount of 20%.
Step 11- Complete Due Diligence within 30 days.
Step 12- Close on Transaction
*** Proof of funds can be one or more of the following- Audited Financials, bank statements or a letter from an accredited financial institution confirming availability of funds with specific language indicating the funds are not encumbered. Letter must be on the financial institution’s letterhead and signed by an officer of the financial institution. Provide Corporate resolution (if appropriate).
Contact Gary Freedman for more Information.
Gary.Freedman@MilestoneMergers.com. 703-501-0500.
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