What is needed to apply?
- Financial Statement of Borrower and their Company
- Description of property or buildings to be purchased
- Funds needed and how they will be used
- Descriptions, Titles, Appraisals or Tax Statements of Assets
- Summary of borrower’s experience and what the end use will be
- Debt Service Cash Flow currently and after purchase
- Information currently applicable on any outstanding loans for assets
- Copies and Status of current loan applications in process
- Borrower’s ownership breakdown and Managers resumes
Some of the things we look for in a loan sponsor (primary applicant) :
- Cash or Unencumbered Assets in the deal.
- Acceptable experience and track record in the type of business the funding will be used for.
- No current personal or corporate tax liens unless they will be paid off prior to or as a part of funding.
- Must pass personal criminal background requirements if funding requires it.
- Verifiable personal and business references.
- A co-operative mindset and truthful disposition we can work with.