How to get a small business loan?

The most common documentation requirements are as follows. Please keep in mind that requirements may vary on your lender.

• written statement with your purpose of the loan,
• history of the business,
• financial statements for three years,
• schedule of term debts,
• aging of accounts receivable and payable,
• projected opening-day balance sheet,
• lease details,
• amount of investment in the business by the owner(s),
• projections of income,
• expenses and cash flow,
• signed personal financial statements and personal resume(s).

Gather  your documentation listed above along with your loan proposal and submit it to your local lender. The process may take up to 10 days to complete.

What is a short sale?
A short sale is one of the strategies property owners can use to avoid foreclosure; in essence it’s an alternative to foreclosure.  A seller can avoid foreclosure by listing a property with a short sale specialist. Many  short sale specialist have a list of investors that will make an offer on your property. The offer will be less than the mortgage balance therefore it must be accepted by your lender. The time it takes to process a short sale is 60 to 90 days once we have an offer. However, new short sale rules by the U.S. Treasury give lenders 10 days to make a decision. In addition, sellers will receive a $1500 moving allowance and do not have to repay any of the debt.

How do we get started?
To get started with a short sale in Florida, call or email Miller & Associates Realty, LLC. Our short sale specialist, Chad Miller will answer all of your questions and access your situation.

Next, Chad will email you a short sale package and listing agreement. Once we receive your information back we notify our investor pool, procure an offer on your property and handle all negotiations with your lender.

Contact Chad Miller directly at: (850) 249-6655 or e-mail shortsale@chadmiller.com.

Panama City Foreclosure Homes | Commercial Foreclosures | Condo Foreclosures | Panama City MLS

What is Cap Rate?

Cap rates are an indirect measure of how fast an investment will pay for itself. Cap rate is the ratio between the total net operating income and the original price paid to buy the investment. Cap rate is calculated by taking the annual net operating income and dividing it by cost or value.

Cap Rate = annual net operating income / cost ( or value).

$100,000 / $1,000,000 = 0.10 = 10%

For more information on cap rates in Panama City give us a call. We are more than happy to answer your questions.