Why Pre-Qualify?
Sellers of Bed and Breakfast/Inn Properties want to know that a potential buyer has been Pre-Qualified by a lender who understands the hospitality industry, prior to divulging financial information and Federal Tax Returns; they also want to avoid wasting time with un-qualified buyers who lack sufficient assets or credit to consummate a transaction.
Aspiring Innkeepers and their advisors on the other hand, need to evaluate an inn's financials and tax returns to make a buying decision and to determine how much they can afford to pay for a property. An important determinate in that process will be that the income from the inn will be sufficient to pay all expenses, service the loan and produce an acceptable bottom line profit relative to the financial needs of the buyer.
CCN's Pre-Qualified Buyer™ certification identifies a person or persons as having submitted the required proofs and documentation for verification prior to identifying or contracting for the purchase of a bed and breakfast or country inn. The buyer's qualifications as such, are well established and certified by CNN, so that potential buyers and their realtors have realistic parameters to find a property that fits their financial qualifications. Of equal importance, sellers are comforted and more cooperative knowing they are sharing confidential information with a buyer that has been Pre-Qualified by Commercial Capital Network.
As a recognized leader in the industry, CCN's Pre-Qualified Buyer™ designation, certifies that CCN has reviewed and verified the identities, professional qualifications, personal assets, liabilities, income and credit of all principals, and has determined a range for which financing could be obtained relative to the parameters of a specific property and transaction. All partners who will have an interest greater than 20% shall submit a complete application package, including, identification i.e. Driver License/s, Financial Statement/s, Account Statements, Credit Authorization, Personal Debt Schedule, three (3) most recent years Federal Tax Returns, Pay Stubs for Current Year, and Resumes for all partners. A thorough, independent review and verification will be completed prior to the issuance of our Pre-Qualified Buyer™ designation.
Should you have any questions, please call Rick Newman at (609) 759-1050 or email at ccnllc@gmail.com.