CCN’s Prequalified Buyer™ designation, was created to provide Aspiring Innkeepers a way to document how much purchasing power they really posses to assist them to identify hospitality properties that best fit their financial qualifications and investment objectives. The designation, certifies that a review has been conducted according to generally accepted commercial underwriting guidelines, by verifying the identities, professional qualifications, personal assets, liabilities, income and credit of all partners who will have an interest greater than 20%, and has determined a range for which financing could be obtained assuming the historical performance of the business would support a reasonable level of financing relative to its anticipated/appraised value.
CCN’s certification process satisfies the concerns of both realtors and sellers because it identifies a conscientious person or persons as having submitted the proofs and documentation necessary for verification prior to seriously entering the market. The buyer’s qualifications can be well established and certified by CNN so that potential buyers and their realtors have realistic parameters established to help them identify a property that fits their financial qualifications and investment objectives.
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.
Prequalified Buyer™ services shall include:
- Evaluate ALL financial documents and proofs necessary to issue its opinion on personal financials as they relate to commercial financing.
- CCN shall Issue a Pre-Qualified Buyer™ Certification Letter which may be presented to realtors and Innkeepers/property owners
- Once a property has been identified, CCN shall provide an independent review of the business financials i.e. three (3) years Tax Returns and Income and Expense Statement (P&L) together with current year P&L