I have a signed APA and in due diligence on a small construction company (price $750K, Cashflow $300K+) The company has been in business 28 years and all members of the team will remain after sale (2 office, 4 crew). The seller will remain for 4 weeks. No GC license is required. No new construction and city contracts.
After approving the deal and providing the term sheet, the bank are now asking for a co-signer. Apparently the bank's credit guy is being difficult as they have a huge backlog of deals.
What are my options other than shopping this deal to other banks and delaying the closing?
Posting anonymously to protect the deal and bank. DMs welcome.
Construction business deal collapsing due to bank failings
by a searcher
More on Searchfunder
Searchfunder is an online community and toolkit for searchfunds. Over 80% of those involved in searchfunds maintain a Searchfunder.com account to help them network, problem solve challenges, and keep up with the industry.
We maintain partnerships with database providers that make searching more effective, efficient and affordable along with features that help searchers find deals and investors and vice versa.
We maintain partnerships with database providers that make searching more effective, efficient and affordable along with features that help searchers find deals and investors and vice versa.
215 views
29 comments
Sign in to see all replies.
Create an account.