Jerry Freedman - Chief Financing Officer @SMBFinancingGuy
SMB Acquisition SBA Loans | OOCRE Financing | Business Lines of Credit. Former CFO; Former auditor @eisneramper; #CertaintyOfClose linkedin.com/in/jerryfreedm… United States Joined February 2018-
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Pesach/Passover is about Freedom. This ad was designed for Orthodox Jewish print media back in 2022. Since then, things didn't really change on our end. Refinancing is paramount for many companies--even more so today, especially if you are in a variable rate SBA 7(a) loan with…
It's amazing how in a few short years, experience and proven value changed my whole approach in dealing with prospects. 2019: Sure, I can help you get a $4MM line of credit even though your tax returns look like a tornado, financials are non existent, your credit is shot, and…
PG's on SBA 7(a) loan's are unconditional/unlimited. No carveouts! The concept of the limited guaranty does exist but it is just used as a mitigant. At least one person must sign a full PG! On every SBA 7(a) deal! Again, who that will be is the question. Any questions?
PG's on SBA 7(a) loan's are unconditional/unlimited. No carveouts! The concept of the limited guaranty does exist but it is just used as a mitigant. At least one person must sign a full PG! On every SBA 7(a) deal! Again, who that will be is the question. Any questions?
SBA 7(a) loans need to be personally guaranteed. Full stop folks. Now who that will be is the question.
The timeline for an SBA 7(a) loan is not 5 months. Just got off the phone with a prospect who has been thru the 7(a) process once before but it took 5 months to get the deal closed. It was a miracle the seller stuck around that long. You don't have to do this alone folks.
I've been slacking off in posting closed deals lately. Kinda busy tbh. Here is one that closed today though: 🎉 10-year SBA 7(a) for a concrete and excavation business in NJ The loan process for this one was really smooth (had to, sorry!)!
Client: Jerry, what's the catch? Our client was buying a business and was trying to source financing on their own. After getting interest from a few SBA 7(a) lenders on their own, we were able to secure a strong and vetted term sheet from a lender in our network. They were…
Searchers: if the target company you are looking to buy, is only a couple years old and doesn't have consistent cash flow, your SBA 7(a) lender will likely require a large seller note to get the deal done.
Earthquake in Central Jersey. Am I the only that felt it?
I have a few deals where offers were made based on financials represented in the CIM. Then, after QoE, the normalized/adj financials are lower than expected. We have to ask sellers for a purchase price adjustment. This is a very sensitive conversation. Here are some tips:
I have a few deals where offers were made based on financials represented in the CIM. Then, after QoE, the normalized/adj financials are lower than expected. We have to ask sellers for a purchase price adjustment. This is a very sensitive conversation. Here are some tips:
Be mindful of who’s in your corner. This is powerful.
Final call for signups for tomorrows webinar. If you are considering ETA or are a new/fairly new searcher, its worth it to join this webinar folks! Signup 🔗👇 us02web.zoom.us/meeting/regist… @GershonMorgulis
Final call for signups for tomorrows webinar. If you are considering ETA or are a new/fairly new searcher, its worth it to join this webinar folks! Signup 🔗👇 us02web.zoom.us/meeting/regist… @GershonMorgulis
Did you sign up? Less than one week away folks.
Did you sign up? Less than one week away folks.
If a seller did not yet file 2023 tax returns, do they have to sign a 4506/8821 that includes 2023 on it so the SBA 7(a) lender can verify 2023 tax transcripts? Thoughts?
Something I've seen over the last few years that I dont get: sellers fighting SBA 7(a) lenders trying to verify their tax return transcripts. 1. What do you have to hide? Hmmmmm. 2. Why should the lender take what was provided at face value 3. Its an SBA requirement Just…
Do you know the difference between a line of credit and a term loan? We get this question a lot, so just curious if SMBTwit is on the ball or not.
Did you know that many SBA 7(a)/504 lenders will not touch a construction deal? Well, not the lenders we work with! JUST CLOSED: $1.5MM SBA 7(a) construction/expansion loan for an event planner and caterer in upstate NY. Some unique features of this loan include: ✅ Prime +…
📢 Self funded searchers/ETA folks! Excited for this upcoming webinar with fractional CFO and due diligence expert @GershonMorgulis! Topic: Buying a business with an SBA 7(a) loan Level: Beginner to intermediate searchers Signup link: us02web.zoom.us/meeting/regist…
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UPDATE: The man who tried to remove the flag rigged with IEDs is named Israel Levy. He says he was slightly injured, but he's fine.
WATCH Footage of the Palestinian flag IED trap. The man is in light condition. Not sure why they kept on videoing.
Folks who know about moulding. The contractor put this up and said it was going to be okay. Curious, is it possible to make this look right without pulling the moulding off and recutting with the correct angle (or severely caulking it)?
Going through the numbers we are down 10% yoy. Found a stack over invoices easily $250k that my bookkeeper didn’t enter. About to fire her on Monday
This is what protests @Columbia result in if you're wearing a kippa
If your SBA lender is telling you a deal is a bad one, I recommend listening to them or slowing town your velocity on pursuit of the deal There are lots of super aggressive lenders out there and if there’s pause even amongst that cohort of lenders; it’s time to take a step back
Currently doing a $2.3mm SBA loan for working capital, debt refi, and new store buildouts. - Started in 2021 - $10mm in annual revenue in 2023 - Will show strong cash flow once we refinance some of this high interest debt - Both owners in their mid 20s - Both owners still live…
I just hung up from a call with a searcher. If you are seeking SBA financing, you must start with eligibility! Please make sure that the loan request is eligible for SBA financing before spending too much time and money. And if you are not sure, reach out to an expert!
This is my attacker - Essa Ejelat, 31, from New York. During the demonstration he was bare-faced and just before he attacked me he made sure to cover his face immediately after he ran away... a coward and a disgrace! He thought we wouldn't reach him... He is trying to disguise…
זה התוקף שלי- עיסא בן 31 מניו יורק. במשך ההפגנה היה עם פנים חשופות ורגע לפני שתקף אותי דאג לכסות את הפנים ומיד אחרי זה ברח... פחדן ואהבל! חשב שלא נגיע אליו... הוא מנסה להסוות את עצמו עכשיו וחסם את הרשתות החברתיות שלו (שמלאות בתכני הסתה אנטי ישראלים) אבל הגשתי תלונה והוא ייעצר…
I’m organizing an aid convoy to the @Columbia campus. We need: 1. Glamp Tents; 2. Volunteer Baristas; 3. Oat Milk; 4. Keffiyeh’s; 5. Canada Goose Jackets; and 6. Alo Leggings Thank you 🙏🏼❤️🇵🇸💪🏽
@SMBFinancingGuy Leaving at 5 is stealing from the company
@SMBFinancingGuy Full pipelines help you see things so much more accurately! Keep up the good work.
@katejsim Expert on sexual violence But also pro-Palestinian Odd combination considering Oct 7th
There is only one thing that is an automatic walk away for me: Seller dishonesty. If you catch a seller being dishonest, it is indicative of much larger issues.
M&A Monday: The Doom Scenario and How to Avoid It When I represent a client buying a business there is one thing that keeps me up at night. The true nightmare scenario when after closing, the business takes a steep decline below debt service coverage: This is The Doom Scenario.…
Lots of negative people commenting that live miserable lives and never have a need to celebrate anything They aren’t getting invites to my country club or parties - stay at home and play video games!
You just closed a $5 million SBA loan and are ready to celebrate Which bottle are you opening? Left or right?
@SMBFinancingGuy No, I should have been more clear. I meant 25 year fixed are out there. Not at 3.5% But I did recently close a 25 year fixed in the 5s
"There are some people so poor, all they have is money."
Buyers: Many sell side business brokers get paid referral fees from SBA lenders Before you take the broker’s recommendation on which bank they’re recommending, ask them directly if they’re getting a referral fee to send you there There could be a conflict of interest
$400K SDE, you say. But you don't pay rent. You work 60 hours a week. And you forgot the $20K of annual payments on truck loans. A tail as old as time.
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