The Prequalified Buyer designation was designed to provide Aspiring Innkeepers a credible way to quantify how much purchasing power they have as it relates to identifying hospitality properties that best fit their financial qualifications and professional/personal objectives.
The prequalification process reviews a complete an application, personal identification such as driver’s license/s, passports& visas, financial statement/s, account statements, credit, personal debt pay stubs and resumes for all partners.
The Prequalified Buyer’s purchasing power and limitations are determined prior to financial data and business tax returns being requested by the seller. Realtors and sellers alike are more receptive to investing time with a pre-qualified buyer, because their qualifications and assets have been independently verified, giving all parties the confidence to negotiate the sale/purchase of a business/property.
- CCN’s confidentiality policy requires CCN to keep confidential, all identities, personal data and documents, and shall only use same for evaluation purposes. Once a qualified property has been identified, CCN may use this personal data to combine with property specific financial data to determine the viability of an acquisition relative to the objectives of the borrower/s.
A $425.00 one-time fee shall be charged the borrower to:
- Evaluate ALL financial documents and proofs necessary to issue its opinion on personal financials for two (2) partners as they relate to commercial financing.
- CCN shall Issue a Preapproval Letter which may be presented to realtors and Innkeepers.