Personal Documents
  1. A purchase contract for the business.
  2. Your bank account numbers and the address of your bank branch, along with checking and savings account statements for the previous 2-3 months.
  3. Pay stubs, W2 withholding forms, tax returns for three years, or other proof of employment and income verification
  4. Divorce settlement papers, if applicable.
  5. Credit card bills for the past few billing periods, or canceled checks for rent or utility bill payments, to show payment history and amount of revolving debt.
  6. Information on other consumer debt such as car loans, furniture loans, student loans and retail credit cards.
  7. Balance sheets, Profit & Loss Statements and Tax Returns, if you are self-employed.
  8. Any gift letters, if you are using a gift from a parent or relative or other organization to help pay the down payment and/or closing costs. This letter simply states that the money is in fact a gift and will not have to be repaid.
  9. Personal Resume.
BusinessDocuments
  1. Last three years of income tax returns.
  2. Last three years of profit and loss statement and year to date profit and loss results.
  3. Last three years of state sales tax returns.
  4. Personal financial statement.
Other things that may be helpful would be any old appraisals of the business, pictures of the business and any verified history of the business...such as write ups in trade publication, newspapers, etc.
Also be prepared to provide the lender with a future three to five year Business Plan that will include, balance sheets, income statements and cash flow plans. (If you are not comfortable doing a business plan, go to www.businessdoctor.info where you can get some help in preparing this document).
Be prepared to sign a letter giving us permission to pull your credit. If you would like to discuss credit scoring or concern about past credit problems, feel free to give us a call. Loans can be done with previous "glitches" in your credit history. It is better to deal with previous credit glitches up front than it is to let them be discovered by a lender. The highest possible credit score is about 850. Loans to people with scores below 550 are not uncommon. Commercial Lending Loan officers look at each deal, individually.
American Atlantic Mortgage
Phone: (727) 797-1070
Fax: (810) 213-0244
Skype: Marine19565431
Licensed Mortgage Brokerage Business
29253 U.S. # 19 North
Clearwater, Florida 33761