Best Bank Option

Best Bank Option Coaching business owners through the loan process. Luck is what happens when preparation meets opportunity - Seneca What does this mean?

Helping C-level executives know the right questions to ask, gather the right documents, with the right lender. Best Bank Option was created out of the passion to help business owners obtain lending and create a banking relationship that was beneficial to them and their business. Experience has given invaluable insight to the business lending arena and provide that knowledge to business owners. All

banks have different lending criteria and underwriting processes. You have to know what bank to turn to. Best Bank Option assists their clients in obtaining commercial real estate purchase and refinances, business lines of credit, investment property purchase and refinance and negotiate terms. Although changing banking relationships can be difficult, we help out clients streamline the process to make any new banking relationship transition as easy as possible.

⏳ Time is a precious commodity. I used to think I had all the time in the world, and many business owners feel the same ...
06/28/2024

⏳ Time is a precious commodity. I used to think I had all the time in the world, and many business owners feel the same way, especially when it comes to securing a business loan. Common beliefs like "I don't need it now" or "I'll wait" are misconceptions that can lead to missed opportunities.

📞 I've lost count of how many times business owners call me saying, "I found a great deal; how quickly can we get this done?" or "This just happened, and I need financing fast." In such cases, having a business line of credit already established can be a lifesaver.

⏰ But when you're in a time crunch, there's no time to compare rates, and you need financing immediately. Being reactive instead of proactive can cost you more money than necessary. If you're okay with that, feel free to stop reading. But if you want to have more control, here's what you need to do:

💡 If you think you might need financing in the next 6 months, start now. Get your financials in order, talk to a few banks, and be prepared. Lenders need a complete loan package BEFORE they can begin, so having everything ready in advance is crucial. Once I called a bank and they provided a needs list and I sent the documents over immediately because I already had them. They mentioned they had never gotten a full loan package that quickly.

🔍 Follow me for more tips and advice on how to be savvy and proactive with your business loan needs.

🔍 Understanding Business Loan Rates 📊. Do you think all lenders offer the same rates? Well, they don't. Here are some ba...
06/26/2024

🔍 Understanding Business Loan Rates 📊. Do you think all lenders offer the same rates? Well, they don't. Here are some basics about interest rates and business loan products. The only way to know if you are getting a good deal is if you compare lenders; rates, fees, terms, etc. Sometimes reducing the loan amount or depositing money into that bank can lower your rate. Next time you are in need of a business loan; think of these tips.

1. Interest Rates 101:
- Fixed vs. Variable: Fixed rates stay the same, while variable rates can change. In a raising rate environment, it might be wise to stick with a fixed rate. No one can predict where rates will be so decide what is best for your business.

2. What Affects Rates:
- Credit Score: Higher scores get better rates.
- Loan Amount & Term: Depending on what business loan you need; this can vary. A commercial real estate loan of $1MM can have a lower rate than a $500M loan so the loan type can impact the rate.
- High loan to value can also increase your rate.

3. Current Trends: 📈
- Economic factors like inflation and policies affect rates.

4. Get Better Rates:
- Improve Credit: Boost your score for better offers.
- Strong Financials: Present solid business financials.
- Low loan to value can impact your rate in a positive way.
- Shop Around: Compare offers from multiple lenders.

5. Watch for Extra Costs:
- Fees: Origination fees, prepayment penalties, late fees can add up.

💡 Tip: Always shop around and negotiate for the best rates! You will do yourself and your bottom line a disservice if you don't. Follow me for more business lending tips!

Obstacles are always stepping stones! I recently moved which as anyone knows it can be a pain in the everywhere. I also ...
05/20/2024

Obstacles are always stepping stones! I recently moved which as anyone knows it can be a pain in the everywhere. I also had a storage unit that I hadn't opened in years (that's embarrassing to admit). So, before we moved, I went through every box that was in the storage unit. It took awhile (weeks) but I got through them and I purged, donated, recycled. It's something when the guy at the donation center says, 'welcome back'. SMH...

A couple of realizations that came to me were I don't want to have a bunch of things. I want to live light. I'm proud of myself for going through all of that stuff (there is another word for that). As embarrassing as it was, I'm glad I got done.

So, here is the obstacle; I got sick right after the move. Actually, everyone in the family did. That makes it harder to get anything done. It's hard for me to slow down or stop but lack of health will make that happen if you get sick enough. It forced me to pause, regroup, be appreciative and take care of myself.

Sometimes, life can throw some unexpected challenges my way. I don't always do it gracefully, but I try and be positive about it. I know there is a reason for it so I learn to adjust...even when I don't want to. My hope for everyone is that you will step over those obstacles and keep going. Even if you need to stop for awhile, keep going. Follow me for more Monday motivations and business lending success! Happy Monday!

Have you ever felt like the odds were stacked against you? I sure have. But let me tell you, it's those moments of chall...
05/13/2024

Have you ever felt like the odds were stacked against you? I sure have. But let me tell you, it's those moments of challenge that truly shape us.

I remember a time, doubting whether I had what it takes to make my dreams come true. Yet, through sheer perseverance and determination, I pushed forward. And you know what? That decision changed everything.

Today, I'm stronger and more resilient than ever before. But I didn't do it alone. I had the support and encouragement of amazing individuals.

I want to encourage each of you to strive towards your goals. Are you ready to start your own journey of triumph? Let's do this together! Hit that follow button and let's inspire each other every step of the way.

Seller financing, also known as owner financing or seller carryback is a financial arrangement where the seller of a bus...
04/23/2024

Seller financing, also known as owner financing or seller carryback is a financial arrangement where the seller of a business, property, or asset provides financing to the buyer to facilitate the sale. In essence, the seller acts as the lender, allowing the buyer to make payments directly to them instead of obtaining a traditional loan from a bank or other financial institution. If you are considering this type of financing, the questions below give you a starting point of what to ask. Always consult your attorney, CPA, and other trusted advisors to see if this is a good option for you.

Questions buyers should ask their financial advisor:
1️⃣ How does seller financing work, and what are the terms?
2️⃣ What are the risks and benefits compared to traditional financing?
3️⃣ How does seller financing affect cash flow and profitability?
4️⃣ What happens if the business doesn't perform as expected?
5️⃣ Are there tax implications or legal considerations to be aware of?

Questions a seller should ask their trusted advisors when considering seller financing;
1️⃣ What are the potential benefits and risks of seller financing for me as the seller?
2️⃣ How should I structure the seller financing agreement?
3️⃣ What steps can I take to mitigate risks associated with seller financing?
4️⃣ What are the tax implications of seller financing?
5️⃣ What documentation and legal considerations are involved in seller financing?

This is an example where seller financing was the only option available to them. The owner and buyer were both on the same page and wanted this transaction to go through. On paper, the business had declining sales and didn't show enough profit to support a business loan. So they both came to an agreement of what the terms would be and had an attorney draft the documents. The seller provided the loan to the buyer and received monthly payments with interest. Follow me for more business lending tips!

Happy Motivational Monday! Let's kick off the week with a burst of inspiration and determination! Remember, every challe...
04/16/2024

Happy Motivational Monday!

Let's kick off the week with a burst of inspiration and determination! Remember, every challenge is an opportunity in disguise, and every setback is a lesson leading you closer to success.

So, let's tackle our goals head-on and turn our visions into reality! Are you ready to elevate your business game? Then hit that 'Follow' button and join me on this journey of growth, innovation, and achievement! Together, we'll conquer Mondays and every day beyond!

Motivational Monday - "One day you will tell your story of how you overcame what you went through, and it will be someon...
04/08/2024

Motivational Monday - "One day you will tell your story of how you overcame what you went through, and it will be someone else's survival guide."–Brene Brown

Happy Monday. Such great words of wisdom. Some days I don't want to be the person going through the lesson. Sometimes lessons are painful. Whatever I feel, I know that I'll be stronger and better going through it. Life happens when I take risks or try something new or it just happens; divorce , job loss, grief, or hurtful words, the list can go on. I process the feelings and emotions and keep going. I remind myself, it doesn't last forever and it's a moment in time.

Remember, life is what you make of it. Don't let your opinion of yourself be dependent on other people. Do your best and know you are loved. Keep striving to be better today than you were yesterday. Follow me for more Monday motivations.👆

"The past is where you learned the lesson. The future is where you apply the lesson. Don't give up in the middle."–Dale ...
04/06/2024

"The past is where you learned the lesson. The future is where you apply the lesson. Don't give up in the middle."–Dale Carnegie

Unfortunately (for me), I haven't always learned the lesson the first time. So, as life has it, the lesson comes back around maybe with a different face but the lesson is the same. Giving me another chance to learn and do better. Thank goodness for second chances. Where would we be without them?

Enjoy your weekend! Follow me for more inspirational quotes or maybe just cause it's Friday.

Cashflow...For a lender its one of the 4 C's they look at when it comes to business financing; credit, character, collat...
04/04/2024

Cashflow...For a lender its one of the 4 C's they look at when it comes to business financing; credit, character, collateral, and cash flow. Cash flow is the lifeblood of your business and lenders want enough cash flow to cover all expenses and then some. One of the conflicting aspects between lenders and business owners is that lenders want to see enough positive cash flow which will lead to an increased net income which leads to paying more taxes while business owners aim to minimize taxes or pay the least amount necessary. If you do take a loss on your business, you will need to explain it to a lender.

In addition to the 4 C's, lenders look at tends. Meaning they will look at your cash flow (and other variables) for the last three years and assess if its a downward trend, flat, or upward trend. And of course, they want to see an upward trend in cash flow. If you want to know what your tend looks like, get the last three years tax returns and look at your revenue. Hopefully its increasing year over year.

Follow me for expert insights on what lenders look for in a company's cash flow and how to prepare for financing. Don't miss out on valuable tips! Save time and money and be your own advocate!

The National Geographic for Kids recognizes Women's History Month for the following; 'Among the notable figures often sp...
03/25/2024

The National Geographic for Kids recognizes Women's History Month for the following; 'Among the notable figures often spotlighted during Women’s History Month are Sacagawea, a Native American woman who helped make Lewis and Clark’s expedition to map parts of the West in the early 19th century a success; Elizabeth Cady Stanton and Susan B. Anthony, who fought for equality for women in the mid-19th century, more than 70 YEARS before the 19th Amendment gave women the right to vote in the United States in 1920; Harriet Tubman, a spy who led slaves to freedom during the Civil War; Amelia Earhart, one of the world’s first female pilots (she mysteriously disappeared over the Pacific Ocean in 1937); Madeleine Albright, who became the first female Secretary of State in 1996; and Misty Copeland, the first African-American woman to be named a principal dancer—the highest level—in the 75-year history of the American Ballet Theatre in 2015.

Talk about gamechangers! Women who had the courage to show the world what they believed in and what they were capable of. Life is meant to be lived. Apply for that job, leave your job, speak up, do something you always wanted to do. Those might be big things but you get the idea. Taking action in the face of fear is living. Happy Monday - now make it happen! Follow me for more inspiration!

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