Posted by Justin on August 06, 2003 at 16:37:34:
I am in the process of acquiring a mortgage banking company and am looking for funding sources. Does anyone here have experience and/or contacts in the area of acquisition finance/funding? Any information and assistance would be much appreciated.
I have $500K to put toward the acquisition and require an additional $500K, minimum.
The company has been around for 15 years and has an excellent history. It was reformatted into an Internet-driven model in 2000 and revenues have grown by leaps and bounds. Currently, approximately 95% of their business is processed via their web site. The business model is very scalable and can easily expand into surrounding markets. Commercial financing is also a possibility and is currently untapped by the company. 2002 net earnings before taxes was over $1.7 Million and the first four months of 2003 netted over $1 Million (average of $250K/month net).