What information will I need to provide a financial institution?

Most lenders want to see three years of financial statements (usually tax returns) on the business being acquired, three years of personal tax returns, a personal financial statement showing assets and liabilities, a resume and a description of how the loan proceeds will be used (cost breakdown if a construction project). They’ll also ask for copies of leases on the property and current business debt outstanding. A business plan is typically required for a startup. To make an acquisition, you’ll need to provide a copy of the purchase contract. For refinancing we need a copy of the notes you would like to have refinanced.