Benefits: Perfect credit not required.
Drawbacks: Higher cost, Automatic payment.
1 year tax return
4 months bank statements
4 months credit card processing statements.
Benefits: 0% intro APR's, Spending Rewards.
Drawbacks: Variable rate, Possible annual fee.
3 years tax returns.
4 months bank statements.
4 months credit card processing statements.
Benefits: Only pay interest on funds drawn, Credit is available when you need it, It is suitable for the majority of business needs.
Drawbacks: May require collateral in some cases, Higher interest rates if you have a low credit score, There is a personal guarantee.
3 years personal tax returns
Benefits: Loans are approved quickly, No collateral may be needed, Little paperwork, Lower rate.
Drawbacks: Excellent personal credit is required, Shorter repayment term than bank loans.
1 year tax return
6 months business bank statements
4 months credit card processing statements
Year-to-date Financials (P&L and BS)
Benefits: Short time to funding, No collateral required, Repayment adjusts to how well business is doing.
Drawbacks: Higher cost depending on qualifications, Revenue and sales history required.
3 years tax returns.
4 months bank statements.
4 months credit card processing statements.
Benefits: Perfect credit not required.
Drawbacks: Customer may rather deal directly with business, Depending on the situation can be a higher cost.
Invoice
AR Aging Report
P&L
BS
One (1) year tax return (most recent)
Six (6) months Bank Statements
Benefits: Low APR, Fixed or variable rate.
Drawbacks: Longer application process, Require a personal guarantee or collateral.
2 years tax returns
personal financial statement
year-to-date financials
and FICO score.
Benefits: Lowest interest rate to buy equipment, Tax deductible and depreciation benefit, Own the equipment outright.
Drawbacks: Equipment with loan can become outdated, Higher downpayment than lease.
2 years tax returns (only if request is over $75
000)
3 months business bank statements
Invoice or Quote for equipment to be financed
Benefits: Lowest interest rates of all types, Longer terms, Can borrower larger amountSeeking.
Drawbacks: Application is time consuming, Long time to approval and funding, Down payment required.
3 years tax returns
personal financial statement
year-to-date financials
and FICO score.
Benefits: Low APR, Earn equity on property, Built in collateral.
Drawbacks: Must include plans to build a structure, Longer application process.
Borrower Resume(s)
Personal Financial Statement (PFS)
Personal Tax Return(s)
Business Licenses
Corporate/Partnership/LLC/or Sole Proprietorship Docs
History of Business/Business Plan
Accounts Payable Aging Schedule
Accounts Receivable Aging Schedule
Business Federal Tax Return(s)
Business Financial Statement(s)
Interim Balance Sheet (Partial Year)
Interim Income Statement (Partial Year)
Notes Payable Schedule
Projections
Rent Roll (Investment or Multi-Family Commercial Real Estate)
Appraisal(s)
Environmental Site Assessment(s)
Site Visit / Pictures
Survey(s)
Title Policies