Before you apply for a loan: 

Second And Pine  / Others /  Before you apply for a loan: 

Before you apply for a loan: 


Check your credit, make any repairs or statements of explanation for any negative items. The items below are what you will need, be prepared, don’t try and cheat with false information or omissions, lenders do not like surprises. loan calculator provide increases the  likelihood of approval.

  • Apply for credit repair if not so hot (we offer these services) DO NOT apply to several banks at once, or re-apply if turned down until after you have corrected why they turned you down

  • Get your FICO/SBSS score (small business scoring service). You can get this at SBA requires a minimum score of 140, most lenders will NOT provide a loan if SBSS score is under 160. The range is 0-300

  • Get a D-U-N-N-S number (Dun and Bradstreet-100 as the highest a score of 80 is good-free

  • Personal FICO score-0-840 most lenders want 650 or

  • Let us do the work-we have thousands of lenders to choose from-we can submit to many lenders without re-pulling your credit & know where to go-even if you were turned down, we have the paperwork to resubmit without pulling credit again.

  • Most lenders want to see profit, what they really look at is good cash flow • Debt service, can you cover your debt with current cash flow with adequate reserves most lenders want a minimum of 1.15 to 1.25

  • Annual sales volume, where does your revenue come from, the more customers the less risk to the lender-explain how are you different than your competition

  • Most lenders will lend around 20% of your annual sales volume, less for credit lines

  • One of the important things is a financial statement

  • Initial Borrower Documents Need for all individual who own 20% or more of Ownership • Current Personal Financial Statement (All Borrowers)

  • Personal Tax Returns (Last 3 Years)

  • Current Credit Report w/scores ( Initial Business Documents Brief Overview of Ownership / Entities and Loan Requested

  • Business Tax Returns (Last 3 Years)
  • Current Balance Sheet YTD
  • Profit and Loss Statement

For commercial mortgages:

  • Old Appraisal (if available/applicable)

  • C urrent Rent Rolls (if applicable)

Get busy…