Thursday, November 12, 2009
We met with a banker this week and we are ready to meet with you to discuss just how much financial disclosure you will have to provide in order to finance this project. We are going to have to sit down and see how much cash you have to put into this project. Most banks now will not lend unless you have the ability to contribute 20 to 30% of the project in cash up front. You are going to have to disclose every aspect of your finances to the bank. The bank is going to have to see that the proposed project will provide at least one and a half times coverage of the aticipated loan payment. We can talk more about this at a later date.
Posted by Dan Cowell at 9:16 PM