STARTUPBIZHUB

Commercial Loan Checklist

Commercial loan checklist is lists of the entire document or necessary items that you will need to present in case you are going to file for any kind of commercial loan. You will need to secure all of these documents so that you will be granted the loan that you are applying for.

Commercial loan checklist is a prospectus of all the requirements to be able to obtain a loan from bank, financial or lending institutions at the time of the loan application.

Here is a typical commercial loan checklist for personal financial all guarantors, business entity financial and property general.

Personal Financial All Guarantors

  • Personal financial statements of all signors – these are documents of all the personal financial statements of all the signors of the commercial loan
  • Record of all Real Estate Owned – these are documents that can be used as collateral for your loan application
  • Credit and Character References – these documents will show all credit standing and the people who know your credit records
  • Account Schedules – these refers to documents regarding all your loan/s
  • Credit Reports – these are documents that provides information regarding your credit standing
  • 2 – 3 years Income Tax Return – these are documents that will show your ability to pay your taxes responsibly

Business Entity Financial

  • Business and Entity Financial Reports – these are documents of your complete financial report for the past 2 – 3 years of your business including the present year; financial statements for the past 2 – 3 years including the present year
  • 2 – 3 years Income Tax Return – these are documents that will show your ability to pay your taxes dutifully
  • Record of all Real Estate Owned – these are land titles of all your assets
  • Existing Loan or Mortgage Information – these are documents that will show all the information on your loan/s and/or mortgage/s

Property General

  • Photos of the Property – these will show the pictures of the specific property concerned
  • Legal Documents – these are documents like: lease of contracts or agreements, articles of incorporation, franchise agreements, etc.
  • Credit and Character References – these documents will show all credit standing and the people who know your credit records
  • Purchase Contract – these are documents that will show ownership of the property which is the deed of actual sale
  • Old Appraisal – these are documents that will show previous appraisal of the said property
  • Debt History of the Subject Property – these are documents that will show the present and previous debt history of the subject property
  • Operation Statements – these refers to all the records pertaining to the daily operations of the subject property like daily balance sheets, income statement, balance sheets, etc. for the last 2 – 3 years
<< Indian Government Subsidy for Rural Business
How to Finance a Small Business >>

4 Comments

  • Dr nagar said on March 20, 2011
    Sir, we i am an anesthesiologist and my wife is m.d. Gynecologist. We started our own nursing home on rental building at pipriya, the only hospital of distt. Narsingpur where we provide surgical facility otherwise the patients have to move 80 km for surgery at district. We are planning our own hospital. Can we get loan for build a hospital. We both belongs to schedule caste
  • rakesh said on November 6, 2011
    I want to open Net Cafe can i get a loan for starting my business please guide me.
  • Gertrude said on February 6, 2012
    My Name is Gertrude and i am a South African citizen Cape Town and i want to open a caffe' in West Coast Vredenburg i want to apply for a grant loan can i be assisted in anyway to find a loan to start a coffee caffe'
  • salma said on March 30, 2013
    Hello Sir, I have completed B.SC Nursing And I work too. I have plans to open a rehabilitation Sir. And I need Huge loan too. Could you please guide me with it...

    Comment

    (All the above fields are required.)

    Categories

    Popular Articles

    Join Our Newsletter