|
Bank Loan required
documents |
FundsWired required documents |
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CREDIT INFORMATION |
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Mortgage Statements on all open real estate
loans
Complete divorce or separation agreement
Complete bankruptcy papers, including
discharge (if applicable)
Explanation letter regarding derogatory
credit.
(if applicable) |
One page application
3 vendor references
Landlord reference
No personal or business financials are required for
funding under $150,000. Over $150,000, you may need to
show a copy of the front page of last year’s tax return. |
|
INCOME AND EMPLOYMENT |
NOT REQUIRED |
Most recent pay stubs to cover one full
month
with year to date figures
The last 2 years of W-2s and 1099s.
Last 2 years Federal Tax Returns +
schedules.
Copies of cancelled checks for last 12
months for
alimony or child support.
Rental agreements for all investment
properties.
Info on all employers for last 2 years. |
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SELF EMPLOYED INDIVIDUALS: |
NOT REQUIRED |
Sole Proprietor:
Year to Date Profit and Loss statement
Partnership:
2 Years Partnership returns
2 years each individual partners returns
for anyone who has 20% interest in company.
Year-to-Date Profit and Loss statement
Corporation( including S corporations):
2 years corporate returns
Year-to-date profit and Loss |
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| ASSET
INFORMATION |
NOT REQUIRED |
Physical assets must be
described by type, manufacturer,
serial number, date of purchase, book value,
estimated NOT REQUIRED
market value or current appraisal or tax
valuation.
Checking and savings account number for 3
months
Money Market accounts INFo
Certificates of Deposits Info
Retirement and 401 Ks Info
Stocks and Bonds Info
Equity on Life Insurance Info
Vehicle Info
Approximate amount of any cash gifts given
by relatives |
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MISCELLANEOUS INFORMATION |
NOT REQUIRED |
|
NON-CITIZENS: Copy of Green Card, or H-1 or
L-1 Visa. |
|
| A BUSINESS
PLAN IS REQUIRED FOR BANK LOAN. |
NOT REQUIRED |
FOR ESTABLISHED BUSINESSES:
At least a five page business plan is
required for established
businesses, outlining: Monthly Cash Flow
Projections for 24 months
and completed pro-forma annual income
statements and
balance sheets.
Banks will also ask for a schedule of all
indebtedness indicating loan balances,
payment schedules,
maturity and collateral.
For businesses open less than 2 years a full
20 page
business plan is usually required. |
|
In addition, when a bank
loan is approved, the borrower can
anticipate
providing additional information during the
closing process, such as
articles of incorporation, proof of taxpayer
ID#, legal description of all
real property copies of leases, machinery
and equipment inventories
and serial numbers, and proof of insurance
of anything used as collateral. |
NOT REQUIRED |
| A bank will always ask the
following questions: |
NO QUESTIONS |
How will you use the money (Needs
information in detail,
such as estimates of cost, price quotes,
budgets, etc)
Why do you need the BANK’S money? You must
show
you have a down payment and that you have
not squandered
past business profits.
How will you repay the loan? Where are your
cash flow
projections that show repayment from excess
cash flow,
from a profitable operation, or asset
liquidation or new equity.
Cash Flow Projections that show WHEN you
will pay loan.
What happens if something goes wrong? |
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