Preparation can save time when you’re going after financing. Here are the items you should have when you meet with your prospective lender:
- Year-to-date profit and loss and balance sheet statements on business, current within 60 days
- List of current business debt;
- Complete personal tax returns for the last three years;
- Personal financial statement;
- Appropriate signatures on authorization to release information form;
- Proposed sale price of real estate or total loan amount and use of proceeds;
- Specific source of down payment;
- Corporations and partnerships should have business and personal tax returns for the last three years from each owner holding 20 percent or more ownership.