What We Need for a BUSINESS NOTE
This list of documents is necessary for us to proceed with a Business Note.
Documents when the business sold:
- ORIGINAL Note or Contract
- Business Purchase and Sale Agreement
- Closing / Settlement Statements and Escrow Instructions
- Proof of Fire / Hazard Insurance
- Evidence of Down Payment
- Underlying Documents (if applicable)
- Security Agreement
- U.C.C. (Uniform Commercial Code) Filing (State)
- U.C.C. (Uniform Commercial Code) Fixture Filing (County)
- Proof that landlord approved the sale
- Bill of Sale
- Covenant Not to Compete
- Bulk Sales Compliance (or Waiver)
- All applicable licenses (business, corporation, liquor, gambling, professional, etc.)
- Franchise Agreement (if applicable
- County Personal Property and Real Property Tax Numbers
- Any previous names of the business in the past five years
- Proof sales tax was paid (if applicable)
Business securing your note or contract:
- Address or exact location (map helpful)
- Physical description (motel, dry cleaning business, etc.)
- Opinion of value / appraisal (if available)
- Photographs (if available)
- Promotional materials used by the business
- Equipment leases
- Your books and records for the two years prior to sale of business
- Payment record for past two years
- Collection / servicing agent: name, address, phone, fax and account number
- Landlord verification that rent is current
- Proof that franchise fees are current (if applicable)
- Payor's financial information or financial statement (if available)
- Payor's books and records since ownership of business (if available)
- Your name, address, phone, fax, e-mail and Social Security numbers
- Payor's name, address, phone, fax, e-mail and Social Security numbers
- Landlord's name, address, phone, fax and e-mail
- Collection / servicing agent's name, address, phone, fax, e-mail and account number
- Escrow agent or attorney who closed the sale of the business: name, address, phone, fax and e-mail
- Business broker who received a commission from the sale of the business: name, address, phone, fax and e-mail
- Underlying lien holder's name, address, phone, fax, e-mail and account number
- Insurance agent / carrier's name, address, phone, fax, e-mail and account number
Don't worry if you can't find all of these items. Send us what you have and we will take care of the rest.
We also need two signed permission forms that allow us to proceed.
One is required so that we may contact parties involved in the creation of your note, such as the settlement agent or escrow closer. The other is required so that we may contact other parties involved, such as the servicing agent or underlying lien holders.
Click here for the permission form. Print out two copies and return to us with proper signature(s). If you know exactly who to contact, you may fill out the form yourself. Otherwise, provide us with the signature(s) only, and we will fill it out for you.
We will take these items and check all necessary information. If everything checks out, we will proceed to close.