- Written by Steve Marr
When smart house hunters look for a new home, a lender prequalifies them. This provides a guideline concerning how much the family can pay for a house. It also impresses sellers to know the prospective buyer is qualified before accepting an offer.
A prospective franchise owner can go through a similar process. In the same way you prequalify to buy a house, you can prequalify for a business you want to own. You don’t even need to know the exact business you want.
I can refer you to expert franchise financial planners who will work with you in an effort to furnish guidance concerning the amount you can reasonably afford to invest. The financing specialist will review your down payment, type of business, overall investment needed and your credit score. The pre-qualification is done in such a way as not to affect your credit score by treating your pre-qualification as a request for credit.
While working through this process won’t give you full loan approval, you will have a very good idea of the types of franchises you should be exploring. The franchisors will be impressed when you have already taken this step.
Call me at 208-772-5755 to talk about franchise ideas and how I can help get you prequalified.