First Impressions Count – Especially on Loans
So you are applying for a loan and you want to be ahead of the game by making a good impression? A common concern and want in the industry when trying to obtain funding quick and efficiently! Borrowers generally have one opportunity to make a good impression with the loan officer, which is why it is important to have your ducks in a row before submitting your loan application. Aside from good character, here are the essentials you’ll need when trying impress a skeptical lender:
A Business Write-up
A short business description about your business history, services, products, customers, competition,and management team gives ComCap Finance a good feel for what type of business we are lending into and whether or not we think the business is sustainable in the market.
History Of Financial Statements
Provide ComCap Finance Group with 3 years of financial statement, so we may determine your tangible equity, debt to equity and liquidation values. If you really want to go the extra mile, you can have an accountant provide these calculations and results for ComCap Finance.
Projections and Budget
Your company’s future income and profits are important for us to review and consider because those documents will ultimately decide if your business is capable of paying of the loan while still having the means of operating the business.
Agings: Accounts Receivable, Accounts Payable, and Inventory
Summarize your agings in order to make it possible for the ComCap Finance to review your top customers, vendors, and inventory efficiently, without getting lost in a 60-page document.
List of Fixed Assets
Include a list of your major or important assets only in order to avoid information overload. When organizing the asset document include: original cost, date acquired, accumulated depreciation, net value, and estimated liquidation value. This will ultimately help the us quickly determine the value of your assets or what you may use as collateral.
Personal Financial Statements
Providing your personal financial statements as well as those of your top management staff is vital for helping validate you as a reliable borrower. It is important to ComCap Finance and most lenders to have proof that you as a borrower are capable of staying on top of bill and other loan payments, No lender wants to provide financing to a business owners or management team that cannot even keep their own financials in order.
Still have questions, comments, or concerns? Contact us today and speak with one of our representatives for all your commercial financing needs!