08 Sep 2022

How Can I Best Prepare for a Commercial Loan Application?

commercial loan

Commercial loan applications can be stressful for any unfamiliar applicants, which is why we have put together an article to assist applicants in being prepared for the procedure. 

A borrower must have specific paperwork and information to be best prepared for a commercial loan application. This allows for confirmation that you have the right business and personal business score, proof of two years of business and individual tax returns, and recent business bank statements. 

It would be best if you also verified primary business and personal information, your business’s financial statements, and permits prior to applying for a commercial loan. Applicants should complete the following tasks to best prepare for a commercial loan:

  • Complete a General Security Agreement
  • Gather financial statements with the assistance of an accountant
  • Proof of income
  • Prepare a business plan
  • Proper personal identification 

Start-up businesses will need to obtain their lease agreement, business plan, business sale contract, and cash-flow projections to apply for a commercial loan successfully. 

Mortgage House lending specialists can assist business owners through their commercial loan applications and answer questions they may have about this process. Our Mortgage Borrowing Calculator is a helpful tool to get an idea of how much you would be able to borrow.  

Conclusion

In conclusion, you can obtain the necessary documents and information to best prepare for a commercial loan. It would be best if you also prepared a business plan, proper personal identifications, and a completed Social Security Agreement.

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