Are You Making Your Banker Rich and Your Business Poor?
It is a sad but true fact that many funeral home owners have existing loans that are costing them thousands of dollars every month more than they should be paying. Thousands of dollars every month over a period of 15 to 25 years are being stolen from working capital and ultimately their retirement security and yet they fail to take appropriate action.
This unfortunate situation exists due to a number of factors. First, funeral homes are considered ?special use? properties that require more effort than usual to ferret out the banks and bank programs offering the best loan options.
Many owners took the first financing offer they received from their friendly neighborhood banker and are paying rates above 7% while facing balloon payments in the next few years.
Second, rates have dropped significantly over the past 18 months but owners have not looked into refinancing because they hear about the ?credit crisis? and are so busy running the daily operations that they don?t make the time to shop for improved financing.
The truth is that it is indeed a tough time to secure financing but there are definitely banks and loan programs still eager to work with qualified funeral home borrowers.
While there are many reasons to own and operate a funeral home business, the most important objective is to turn a profit and create a better future for ourselves and business stakeholders including partners, employees and family members. Without profitability, your business can not truly serve its community and clients in their time of need.
Unlike many consumer driven businesses, funeral home owners have no way to stimulate ?at need? sales, so cash flow management tools are critically important. Perhaps securing the best possible financing package is the single most important component of improving cash flow and short term profitability. Why suffer with a bad loan? This is a costly mistake and one that can be quickly remedied.
You owe it to yourself and your family to stop making your banker rich and your business poor. Speak with a funeral home financing specialist. A financial check-up routinely finds potential savings of tens of thousands of dollars per year for owners just like you.
K2 Commercial Finance has just launched the ?Financial Check-up for Funeral Homes Program? which quickly determines if your business could benefit from and qualify for one or more of the government backed financing programs. When potential savings are identified, we will work with you to position your business to move efficiently through the complicated SBA and / or UDSA lending process.
The Financial Check-up is the initial step in preparing for a successful refinancing or acquisition funding. There is no single item that can improve your cash flow and business value in the short term. If you are serious about putting the best possible financing in place for your funeral home, please call Ken Kaplan at 215-230-1885 to discuss your needs and learn more about this valuable service. You can also visit our web site at www.FuneralHomeLoan.com for more information.
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