Recommendations wanted: Minnesota SBA lenders, CPAs & deal attorneys (under LOI)

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by a professional from College of William and Mary
in Cleveland, OH, USA

2h ago

Recommendations wanted: Minnesota SBA lenders, CPAs & deal attorneys (under LOI)

Hi all, I'm an Ohio-based searcher under LOI to acquire a Minnesota manufacturer and its real estate. I'm planning an SBA 7(a) for the business and a 504 for the building, targeting a close in Q1 2027. I'd prefer to build a local deal team and would love recommendations for: - SBA Preferred Lenders based in Minnesota. I'm deliberately looking for community and regional banks rather than national lenders. - 504 CDCs you've had good experiences with - CPA / QoE firms that work on lower middle market deals - Insurance brokers and other advisors who have been great on similar deals I'd also welcome introductions to the Twin Cities ETA and ACG community, since I'll [hopefully] be spending a lot of time up there soon. Firsthand experience with professionals is especially helpful: who closed on time, who was a real partner after close, and *who you'd avoid*. Feel free to comment or DM. Thanks in advance!

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reply by a professional 1h ago
from Ohio Northern University in Dayton, OH, USA

Hi, On the QoE part of your ask, I'd like to be on your list. I run Vertex Advisory, a buy-side diligence and quality of earnings practice in Dayton, so we're both in Ohio, and a Minnesota deal is easy to work remotely. One thing to settle with your lender first. As I read SOPredacted, if the purchase price of the business is $3M or more (excluding the real estate), the lender needs a QoE done for its benefit and uses those earnings for debt service coverage. Each lender decides which QoE firms it will rely on, so I'd ask every Minnesota lender you talk to whether it will take a report you commission with a reliance letter, and I'd scope the work around that answer. Timing matters for a Q1 close too. As I read it, on a non-delegated loan the QoE goes in with the application, and a preferred lender can let it finish before closing as long as a firm is engaged by the time the loan number is issued. Either way I'd start early, because the findings can move the debt amount. On a manufacturer, the first place I'd look is inventory, since how it's counted and costed drives the margin. And because you're buying the building too, if the business pays the owner rent today, I'd check that it's at market, since that number changes once you own it. If it would help, I can send you a sample report I put together so you can see the format. Happy to talk through it if that's useful.