Notes from Guidant:

I wanted to let you know that Jason called me back today and we were able to discuss his options for financing a restaurant acquisition. We spoke about the inherent limitations on the SBA Express program and why that option is purposed for working capital, not acquisitions or startup capital. He doesn?t have much retirement funds, nor does he have a brokerage account to collateralize, so we narrowed it down to an unsecured line of credit. Here are my notes from the call:

Looking at a doughnut shop, been there for 2 years. Asking price is $115K, which he doesn't plan on honoring. Will offer less, around $85-90K 

Credit around 750 

Recently replaced their AC unit, has a credit card with $15K on it, will pay that off in a few years. Also has a bunch of other credit cards that have low balances on them as well so his aggregate utilization ratio should be below 50%. Background looks good otherwise, clean history. 

Discussed costs - $3,500 + $3,000 consult fee (optional). Sending email and invited him to look it over and ask questions. Does not want to use retirement funds and I don't think he has enough to justify ROBS so I didn't push it. 

I hope this helps! I plan to follow up with Jason on Friday to make sure his questions are answered and gage his interest. As always feel free to call if there?s any questions.

