Business Development Finance Corporation
Client Review on Business Development Finance Corporation
Feedback:
I approached this company to finance a business acquisition and after outlining all the key facts over the phone I was told that I would qualify for a loan. I then submitted all the information they required and I was told I would obtain an approval answer within a week. However, after 3 weeks of waiting due to their delays I still didn't have an answer and I lost the deal as the Sellers got frustrated with me and accepted a back-up Offer.After complaining to their top management I finally got a answer that my application was declined and I was told that the business was not profitable. I found this quite strange as I supplied them 3 years of Tax Returns showing the business clearly making $ 80,000 a year and the loan repayments would have been $ 22,000 a year. I also had solid plans to increase profits to at least $ 120,000 a year. In addition, they incorrectly assumed I was taking-over the Seller's debts and liabilities and they factored these repayments into the forecasts and they didn't realize that my Wife is employed at a Law Firm earning good money and that I only needed a very small salary from business. The facts were stated several times in my Business Plan and in their Application Forms which they clearly didn't read or understand. I have been self-employed for 20+ years and I have substantial financial experience and I couldn't see any legitimate reason why my loan application would be declined, so I wouldn't recommend dealing with this company as they will waste your time and possibly harm your deal.
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