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Business notes are a contract used to record the sale of a business entity. The note also records business assets used as collateral for financing and documents the names and addresses of new owners. Business notes are required when the seller provides all or part of the financing. Owner will carry financing can be beneficial for small business owners because it can be difficult to obtain a loan through conventional lenders. When sellers act as the financier, the buyer submits installment payments over a specified period of time. Seller-financed loans normally extend for 2 to 5 years, but can be structured to suit the needs of all parties involved. Once the contract expires, buyers must refinance remaining balances through a bank.