“Rick Newman made our first commercial loan experience seem effortless. He walked us through the financing process, showcasing our business plan and financial forecasts in such a way that multiple lenders were interested in financing our property. Rick’s confidence and dedication made this project successful. He stayed with us both before and after the closing providing us with valuable insight and contacts within the innkeeping industry. We highly recommend Rick Newman and look forward to years of enjoyment in our new adventure.”
Mike and Patricia Andriaccio – Reynold Mansion, Bellefonte, PA
“We tried, unsuccessfully, for over a year to refinance our B&B with several banks and brokers who promised anything and everything to string us along. Then we called Rick and not only did he do exactly what he said he could / would do, but he kept us informed and updated throughout the whole process. The world of finance is filled with unscrupulous, shady individuals. It’s nice to know that there is at least one company that still has character and integrity and deals with you as a friend, not a number to be squeezed.”Patricia & Todd Justice Woodstock Inn Independence, MO
“Rick stuck with me through a difficult financing process, and got me the money I needed when other lenders were unable or unwilling to do so. With a somewhat overpriced property, and a tightening credit market, Rick worked with me on an almost daily basis to make the purchase happen. I doubt that anyone else could have pulled that off.”Dave Gardner Old Stone Inn Waynesville, NC
“Rick made the loan process seamless. He explained everything clearly and answered all of our questions without delay. He was a pleasure to work with.”John & Michelle Gamble Palms Cliff House Hilo, Hawaii
“As for words . . . it was certainly a pleasure doing business with you Rick, and I wouldn’t hesitate to do it again. You helped us out of a touch situation and were very professional while establishing a friendship. And we still want you to come out to visit us!”Liz Parrish & Peggy O’Neil Crystal Wood Lodge Klamath Falls, OR
“We had been trying, unsuccessfully for over a year to refinance our B&B with local banks, national banks, online commercial lenders and brokers, without any luck. We finally got in touch with Rick, and got the process started, which was pretty painless. [Read more…]
“We were very fortunate to connect with Rick when trying to finance the purchase of our B&B. His wealth of information and experience gave us great confidence in the process and his personal encouragement and support were invaluable. He was completely dedicated to our success.”Jules Spaeth Cornerstone Bed & Breakfast Philadelphia, PA
CCN’s Verified Financials™ program is designed to provide Innkeepers and realtors a designation that can be used to instantly differentiate their hospitality property listing from other B&B listings on Industry Websites, Multiple Listing Services, and conventional advertising.
CCN’s Verified FinancialsTM certification signifies that an independent evaluation of the inn’s business financials has been conducted and that the historical income & expense documentation reconciles to its Federal Tax Returns. Aspiring Innkeepers and their advisors understandably require copies of an inn’s financials to determine that the income from the inn will be sufficient to pay all expenses, service the desired loan and produce an acceptable bottom line relative to the ongoing financial needs of the buyer; the former must logically be determined before a well informed buying decision can be made.
CCN’s underwriting process examines the following to determine an acceptable range of debt relative to the average of the historical business cash flow:
- Three (3) most recent years Federal Tax Returns
- Three (3) most recent Income & Expenses Statements
- Current Year to Date Income & Expenses Statement
- Prior Year Income & Expenses Statement for the corresponding period
CCN’s confidentiality policy and practices protects the ALL financial data and documentation. CCN shall:
- Evaluate all financial documents and proofs necessary to issue its opinion on business financials as they relate to commercial financing
- Entitle the innkeeper/owner, agents or representatives to use the Verified Financials™ designation in all media and advertising
Note: Underwriting a commercial financing combines an analysis of both the business being acquired and the personal qualifications and assets of the principal/s seeking to purchase.
As an added benefit, CCN will confidentially retain this financial data and documentation; this service insulates an owner from sharing sensitive data with un-qualified prospects. Once a Pre-Qualified Buyer™ has been identified; the property/business data may be combined with that of the buyer to efficiently underwrite the feasibility of a successful transaction.