My Buyer Is Getting His Financing Lined Up

My Buyer has secured his first commitment letter from a bank for $1.2 million. Unfortunately, the bank wants me to carry a $100K note for 5 years. I told my Buyer "you are not serious are you". In addition the bank is the same bank that provided me with the loan to purchase the station two plus years ago.

The buyer is suppose to be getting another loan commitment today for $1.3 million which would allow me not to carry a loan. The buyer is very determined and has access to the additional funds, so we will see.

Also the Buyer met with both franchisers on Tuesday, and has gotten two verbal commitments. He did neglect to include 1 month's worth of bank statements which caused a slight hiccup with one of the franchisors.

He wants to place the ABC notice of transfer in the window on 11/1/05, but I am a little reluctant, because I do not need any more turmoil at the station until I am absolutely sure the deal is going through.