These are used to verify your ability to repay the loan
- Current leases: The SBA requires that the property must be at least 51% owner-occupied. If you’re renting any portion of the property, then the loan provider will want to see all existing leases, along with the terms that you and your tenants have agreed to.
- Report on the condition of property: Most lenders will require a report on the condition of your property to see what deferred maintenance items are coming up in the near future. The loan provider will typically want to be comfortable that you have the cash to make any www.americashpaydayloan.com/pawn-shops-fl standard facility upgrades or overdue maintenance.
Other SBA Loan Documentation Requirements
If you have a 20% or more stake in any other business or own rental properties, you’ll also need to provide documentation such as financials and the appropriate operating agreements for those businesses. The overall goal is to show a lender that your company is well managed and has an attainable plan for profitability. Prepare a thorough business plan that includes projections of how you expect the business to perform in the next three to five years.
Much of the speed of your application process will depend on your ability to provide timely and accurate documentation to your lender. (mais…)