Brookharbor Lenders in Charleston, West Virginia handles the first call and the request; funding partners handle the review and the decision. This page explains each step, the records partners commonly ask for and how to read an offer.
From the First Call to a Partner Offer: Four Steps and Who Handles Each
- First call or form. You describe the purchase or the gap, the amount, and when the money is needed. Brookharbor asks about revenue, time in business and existing debts.
- Matching. Brookharbor narrows the six funding types to the one or two that fit, and explains why.
- Partner review. If you say yes, the request is sent on to a funding partner. The partner reviews it, may ask for records and decides whether to make an offer.
- Your decision. Any offer comes back with its amount, schedule and total cost. Accepting or declining it is your choice.
Brookharbor handles the first two steps. The funding partner handles the third. The fourth is yours alone.
How to Get a Loan to Expand a Business Into a Second Kanawha County, WV Office
Opening a second office is one of the larger decisions a practice or firm makes. A partner reviewing the request will want to see that the first office is profitable on its own and that the second has a realistic path to covering its costs.
Bring the lease or purchase terms for the new space, the build-out bid, the equipment quotes and a simple projection of when the second office will break even. The projection does not need to be elaborate; it needs to be honest about how many months of costs come before the revenue.
How to Get Funding for Business Expansion in Charleston, WV: Quotes and Projections
Expansion requests rest on documents, not optimism. Quotes from vendors and contractors show what the expansion costs; a projection shows how it will be paid back. The more of the cost that is backed by a written quote, the clearer the request.
- Written quotes for equipment, build-out and signage.
- For the new space, the signed lease or the purchase contract.
- A month-by-month projection for the first year of the expansion.
- Two or three years of financial statements for the existing business.
How to Get a Working Capital Loan as a Practice or Professional Firm
A practice or firm applying for working capital is usually asked how the gap arose and when it will close. Insurers, clients and settlements pay on their own schedules; showing that schedule with an aging report or a list of open matters gives the partner the picture.
The working capital page has an invented claims-lag example and a list of records partners commonly read.
Records Partners Commonly Ask a Kanawha County, WV Owner to Gather
- Business bank statements, often for the most recent three to six months.
- Business tax returns, often for the last two or three years.
- A balance sheet as of last month and the profit and loss for the year so far.
- A list of current debts, leases and advances with their payments.
- Quotes, agreements or bids for whatever the money will buy.
- For licensed professions, the owner's license information if the partner asks.
Partners differ. Gather what a partner asks for, when it asks; nothing needs uploading through this site.
Reading an Offer Sheet: Amount, Schedule, Fees and the Total to Be Paid
An offer should show the amount you receive after any fees, the payment and how often it is due, the number of payments, the rate or factor rate, any prepayment terms and the total of all payments. If any of these is missing, ask for it in writing.
Subtract the amount received from the total of payments to see the cost in dollars. Compare offers on that number and on whether the payment fits the business's cash flow in a slow month as well as a busy one.
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