Extension underwriting tips:
- Do not make long sentences, short, thoughtful and easy to understand for readers.
- More details and clarify
Background:
FGB originated subject 24-month Line of Credit to provide working capital for business
operation on 02/23/2023. The subject facility is secured by a 1st T/D and Assignment of Rents
on an industrial building located at 1405 & 1419 E. Mission Blvd, Pomona, CA 91766.
Current Status:
This is the 1st extension that is requested by Mrs. Anne Chui, (the 100% guarantor and owner),
currently in the process of selling all business assets of Global Gourmet Foods Inc located at
1718 Floradale Ave, S. El Monte CA 91733 for the price $1,500,000. As she just planning to sale
all the business assets but not close the whole business Global Gourmet Foods Inc, as she
planning to sale the assets then take the 5-10% of commission only not fully manage the
company.
The pending transaction entails the transfer of the following assets and agreements:
1. Lease Agreement Transfer
2. USDA, Health Permit, City Occupancy Application Form
3. Assets & Improvement List
The Purchase Agreement is under negotiation, has not yet executed cause we are pending for
buyer signature so it’s not yet fully executed cause still under negotiation process and a copy of
draft PSA is saved in file for reference, will save a final PSA when we finalize it. The closing date
of the sale of the business assets is April 1, 2025. However, additional time may require to
complete essential regulatory approvals, facilitate permit transfers, and settle any outstanding
obligations associated with the transaction. As the loan matured on March 10, 2025, the
requested six-month extension will provide adequate time for asset disposition and payoff the
outstanding loan balance of $600,000.
This is the 1st extension request submitted by Mrs. Anne Chui, the 100% guarantor and sole
owner of Global Gourmet Foods, Inc. Mrs. Chui is currently in the process of selling all
business assets of the company, located at 1718 Floradale Ave, S. El Monte, CA 91733, for a
purchase price of $1,500,000.
It is important to clarify that Mrs. Chui is not selling the entire company entity itself, but
solely all business assets. Post-sale, she plans to step away from the day-to-day operations of
Global Gourmet Foods, Inc. and retain only a 5%–10% commission structure with the new
owner.
The pending transaction entails the transfer of the following assets and agreements:
1. Lease Agreement Transfer
2. USDA, Health Permit, and City Occupancy Application Form Transfers
3. Business Assets & Improvement List
The Purchase and Sale Agreement (PSA) is currently under negotiation and pending the
buyer’s signature. A draft PSA has been saved on file for reference, and the final executed
document will be submitted upon completion. The anticipated closing date for the sale of
business assets is April 1, 2025.
Additional time may be required to finalize regulatory approvals, facilitate permit transfers,
and settle any outstanding obligations related to the transaction. Additional time may require
to complete essential regulatory approvals, facilitate permit transfers, and settle any
outstanding obligations associated with the transaction. As the loan matured on March 10,
2025, the requested six-month extension will provide adequate time for asset disposition and
payoff the outstanding loan balance of $600,000.
Recommendation:
In order to provide the Borrower sufficient time to finalize the transaction and complete the
pending sale of the assets, your approval of the requested six-month extension is
recommended.
Draft 2 :
Background:
FGB originated subject 24-month Line of Credit to provide working capital for business
operation on 02/23/2023. The subject facility is secured by a 1st T/D and Assignment of Rents
on an industrial building located at 1405 & 1419 E. Mission Blvd, Pomona, CA 91766.
Current Status:
This is the 1st extension request submitted by Mrs. Anne Chui, the 100% guarantor and sole
owner of Global Gourmet Foods, Inc. Mrs. Chui is currently in the process of selling all business
assets of the company, located at 1718 Floradale Ave, S. El Monte, CA 91733, for a purchase
price of $1,500,000.
It is important to clarify that Mrs. Chui is not selling the entire company entity itself, but solely
all business assets. Post-sale, she plans to step away from the day-to-day operations of Global
Gourmet Foods, Inc. and retain only a 5%–10% commission structure with the new owner.
New
The pending transaction entails the transfer of the following assets and agreements:
1. Lease Agreement Transfer
2. USDA, Health Permit, and City Occupancy Application Form Transfers
3. Business Assets & Improvement List
The Purchase and Sale Agreement (PSA) is currently under negotiation and pending signature,
as it is under review by the buyer’s legal counsel and awaiting final execution. A draft PSA has
been saved on file for reference, with the fully executed agreement to be provided upon
completion.
Old : The Purchase and Sale Agreement (PSA) is currently under negotiation and pending the
buyer’s signature. A draft PSA has been saved on file for reference, and the final executed
document will be saved upon completion
The anticipated closing date for the sale of business assets is April 1, 2025.
Additional time may be required to finalize regulatory approvals, facilitate permit transfers, and
settle any outstanding obligations related to the transaction. Additional time may require to
complete essential regulatory approvals, facilitate permit transfers, and settle any outstanding
obligations associated with the transaction. As the loan matured on March 10, 2025, the
requested six-month extension will provide adequate time for asset disposition and payoff the
outstanding loan balance of $600,000.
Recommendation:
In order to provide the Borrower sufficient time to finalize the transaction and complete the
pending sale of the assets, your approval of the requested six-month extension is
recommended.
Background:
FGB originated subject 24-month Line of Credit to provide working capital for business
operation on 02/23/2023. The subject facility is secured by a 1st T/D and Assignment of Rents
on an industrial building located at 1405 & 1419 E. Mission Blvd, Pomona, CA 91766.
Current Status:
This is the 1st extension request submitted by Mrs. Anne Chui, the 100% guarantor and sole
owner of Global Gourmet Foods, Inc. Mrs. Chui is currently in the process of selling all business
assets of the company, located at 1718 Floradale Ave, S. El Monte, CA 91733, for a purchase
price of $1,500,000.
Mrs. Chui is selling all the business assets of Global Gourmet Foods, Inc., but she will retain
ownership of the company Global Gourmet Foods, Inc. After the sale, she plans to shift the
operations of the company and maintain a 5%–10% commission structure with the new owner.
The pending transaction entails the transfer of the following assets and agreements:
1. Lease Agreement Transfer
2. USDA, Health Permit, and City Occupancy Application Form Transfers
3. Business Assets & Improvement List
The Purchase and Sale Agreement (PSA) is currently under negotiation and pending signature,
as it is under review by the buyer’s legal counsel and awaiting final execution. A draft PSA has
been saved on file for reference, with the fully executed agreement to be provided upon
completion. The anticipated closing date for the sale of business assets is April 1, 2025.
Additional time may be required to complete essential regulatory approvals, facilitate permit
transfers, and settle any outstanding obligations associated with the transaction. As the loan
matured on March 10, 2025, the requested six-month extension will provide adequate time for
asset disposition and payoff the outstanding loan balance of $600,000.
Recommendation:
In order to provide the Borrower sufficient time to finalize the transaction and complete the
pending sale of the assets, your approval of the requested six-month extension is
recommended.
