Financing FAQs (Frequently Asked Questions)
|
Q:
How much do I need to put down to purchase a Liquor License?
A: As little as 20%, Terminello & Terminello will arrange for financing up to 80% of the License value.
Q:
Do I pay Interest only on the Loan?
A: Yes, Interest Only Loans can be up to 3 years with a balloon payment at the end of the loan. At that time the loan can be paid off or the financing continued. In this manner, the monthly payments are very low.
Q:
How long can you finance a liquor license loan for?
A: You can set up a loan to fit your needs, anywhere up to ten years.
Q:
I had a bankruptcy in the past or I have bad credit ....... can I get Financing?
A: Yes, the loan does not depend on your personal credit history, but rather on the value of the liquor license.
Q:
How long does it take to close on a Liquor License Loan?
A: Usually within a week of starting the process.
Q:
My Liquor License has gone up in value, can I refinance it so I can obtain additional working capital?
A: Yes, you can always refinance for up to 80% of the current fair market value.
Q:
I have an alcoholic beverage venue and want to sell. I currently owe on the Liquor License, can you refinance it for the new owner?
A: Yes, this is very similar to selling a house with a mortgage. It may even make it easier to sell a license if you have a financing package available to the new or potential owner.
Q:
What other costs are there when getting a loan?
A: Only attorney, recording and origination fees, which will vary according to the price of the license.
Q:
What Financial Statements do I need to get a loan?
A: None. We do need to insure that the license is free and clear of all liens and encumbrances when we arrange the financing.
Q:
What states do you finance liquor licenses?
A: Florida only. At this time we have restricted our loans to accommodate loans only within the State of Florida.
Q:
How do I start the process for obtaining a Loan?
A: Call or e-mail us to establish a convenient time for us to speak and discuss exactly what your needs and requirements are.
Q:
Do you buy or sell Licenses?
A: Yes. Occasionally, we have clients that we offer assistance to in selling their licenses. Please call or email for additional information
Printable Version (PDF)
|
Page Last revised: May 15, 2009
Site Created By:Conal Ryan (Advanced Computer Connections, Inc.)
Terminello & Terminello, P.A. • 2700 SW 37 Ave • Miami, FL 33133 • 305-444-5002
• info@terminello.com |