u/SamIAm_1021

Hey… I’ve been putting together a plan to acquire an HVAC business in the near future and I’m at the point where I wanted to get a personal pre-qualification from a lender to start requesting and evaluating CIMs. I was evaluating businesses for sale up to $3mil.

I’ve got $300k in a 401k that I planned to roll over via an ROBS. I have another $300k in home equity and $50k in cash. I have a mortgage for $700k and literally zero other debt.

I believed that put me in a decent position on liquidity based on having at least 10% down, but I was overly optimistic apparently. I’ve talked to 2 (big) lenders that have indicated they would finance at $1.5-$2million based just on my liquidity.

Both of these figures came on what was an introductory call. This was before they had my resume (which I believe to be very strong), pulling my credit (~800 FICO), or really any specific detail. I have since provided all of the info they requested (3 years tax returns, financial forms, resume), but havent heard back since providing those a week ago and following up on Friday.

Do I need to adjust my expectations/strategy or just keep plugging away until I find the right lender?