Why Does It Take So Long to Close a Bank Loan?




You will always need to provide the follow information

  • A pertinent data sheet or executive summary that includes:
  • The purpose of the loan request
  • The name and the location of the business
  • The registered legal entity
  • The names of principals, # of years in business
  • Info regarding business location (owned or leased)
  • A brief summary of the client base and market niche along with a schedule of the use of loan proceeds. (This document is your selling pitch. It will provide the highlights of the business in an abbreviated form.

The following documents should be submitted with the pertinent data page.

Tax returns for the business and the guarantors (personal tax returns) for the last two years.

  • A current personal financial statement (PFS) for all the guarantors.
  • A current balance statement for the business entity
  • An interim P&L for the business
  • A list of current receivables.
  • A list of other company debt obligations with terms
  • If not an American citizen proof of residential status
  • Copies of the credit reports for the loan guarantors
  • Cash flow projections for three years ( may not be  required if the current net income can support the loan request)

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