Results 1 to 6 of 6
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04-25-2019, 07:32 PM #1
- Join Date
- Oct 2016
- Location
- NYC
- Posts
- 118
Tvt
What’s going on with these banks having laundry lists full of stips.. a buddy of mine sent a deal to them for me and gives me this list of stips for a 20k deal
As requested, attached is the contract and COJ(s) for this deal. Please note new address for COJ
Please return signed with a clear copy of:
-Drivers License(s)
-Voided Check
-Contact information for merchant (email, phone number)
-Credit Card Statements (If any)
We will also need the following:
1. signed 8821 forms for deals $50k +
2. BL
3. Lease & LL contact
4. financials & AR contacts
5. pictures of location, signage, inventory, etc
6. EINs for all active entities
7. Proof of ownership
Please return signed and notarized COJ(s) to:
90 Broad St, Suite 16
New York, NY 10004
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04-25-2019, 07:51 PM #2
- Join Date
- Oct 2016
- Posts
- 4,318
The only thing that looks controversial on there are the financials and A/R. But I doubt TVT needs the financials. That was just a standard cut and paste list.
As for A/R, TVT puts a ton of weight into them. That’s their thing. But if the A/R is strong, you may get an increased offer.
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04-25-2019, 07:51 PM #3
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
That's all standard stuff except for Item 5. Items 1 and 4 probably aren't applicable since the deal is below $50K.
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04-25-2019, 07:54 PM #4
- Join Date
- Oct 2016
- Location
- NYC
- Posts
- 118
Pictures of the business are acceptable for a $20k offer? You guys obviously need a better network of banks to work with.
The only one that is not required unless it’s a $50k+ deal is item 1. which is even insane to ask for on a $50k deal. I do those on $100k + minimum deals and that’s only sometimes.
I never provided financials for a $20k deal in my life as well. If you have to work with banks that subject you to that torture please let me know and I will help you get set up with some new banks.
Pictures of inventory?? Never heard of that one in my life.Last edited by ABC2016; 04-25-2019 at 08:01 PM.
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04-25-2019, 08:19 PM #5
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
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04-26-2019, 06:20 PM #6
- Join Date
- Nov 2018
- Location
- San Diego, CA
- Posts
- 75
This list of stips is appropriate for a high-risk $150k+ file, not for a $20k file of any nature.