Agency Acquisition Financing

[warnerins]

But would you really appreciate the answers that you are getting

and for that matter really want to answer own stupid questions..............SOOOOOOORRRRRY :-)~

 

[arcains]

Money is really tight right now for the agency aquisition market. I know Oakstreet Funding is providing some resources for funding but be prepared to pay some hefty interest, fees, and they keep commisions and pay you what left after the loan payment is made.

 

[warnerins]

Not sure if this applies but was sent to me this morning.

Insurance Agency Loans

 

[MedMalAgent]

A friend of mine just purchased a large agency and didn’t take out a loan. The main carrier paid off the previous owner with cash. The remaining balance is paid to the previous owner over a 3 year period due to tax implications. My friend who bought the agency had worked for the agency for 18 years so it was pretty easy deal to work out with the carriers and the best part is there are no major changes. In fact I think most customers didn’t even know who really owned the agency.
I think working for an agency before buying offers the most protection for all parties. Not always possible but it may be the best way to maximize your purchase.

 

[saieddie]

Not sure if this applies but was sent to me this morning.

Insurance Agency Loans

Thats funny. When I click on the loan application pdf, the application has Oak Street Funding at the top.

I'll let you know what they say about their loan programs, but I don't know if giving them my renewals to pay the loan and waiting for them to cut me a check for whats left is a good idea.