• Make sure the writing on the application is completely legible, as this application gets faxed multiple times to funding sources - clean precise writing in dark ink helps to keep the integrity of the application intact.
• Make sure that the social security number is included, and written clearly.
• Make sure that the application is signed by ALL owners of the company. This is an important one, for any partnership split less than 90/10 % - we need the signature and consent of all owners to move forward with the deal.
• Make sure that the address on the application for the business IS the address where the equipment will be delivered / installed. Any last minute changes or differences are red flags to lenders, and WILL hold the deal up.
• If you are a vendor, make sure to prepare the transaction invoice and have it ready for submission with the application.
• Have at the ready 3 months of business bank statements, this isn't always required - but lenders are trending lately to require these statements. FYI Lenders do not accept online printouts, they only accept the original paper statements.
• And just a simple common sense reminder, when the lender makes requests it is best to fill those requests in a timely manner – which will keep the lease moving... We don't want your deal to get stuck in the mud. We want to get you what you need ASAP, and these tips should help you do that.
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3 comments:
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