Commercial Loan Application: What Information is Required
A commercial loan application is basically a request for a commercial loan. While sending a commercial loan application, you need to furnish certain details to the lender.
The information necessary for a commercial loan application can be categorized into the following:
1) Credit Requested
Information required in this field includes amount of credit, term of credit, purpose of credit and contingent liabilities. You would also have to mention the type of loan that you want to obtain. Usually, the following commercial loans are offered:
- Equipment purchase loans
- Line of credit
- Refinance loans
- Furniture or fixture loans
- Business expansion loans
- SBA (Small Business Administration) Loans
- Others
2) Applicant Information
Here, the applicant has to mention whether he is sending the application as a borrower, guarantor, grantor (of collateral), cosigner or in any other capacity. In addition, the name of the applicant, his address, contact number, Social Security Number (SSN), Tax Filing Dates and Tax Filing Locations are also required. The applicant has to state about the schedule of collaterals provided by him and the type of business that he is carrying out. If the applicant is an individual borrower, then he has to mention about his marital status.
The applicant has to state whether he is:
- An individual
- A proprietorship
- A Trust
- An Association
- A Government Entity
- A Partnership
- A LLC (Limited Liability Company)
- A non-profit entity
- A corporation
3) Relationship Information (History of the Applicant with the Lender)
Here, the applicant has to mention whether he is a new customer or an existing customer. He has to furnish details regarding his liabilities with the lender, deposits with the lender and the total amount of credit with the lender. He also needs to mention for how many years he has been doing this business, if any lawsuit is pending and if any bankruptcy took place in the past 10 years or so.
The applicant has to provide a complete list of all guarantors and/or authorized signers. Lastly, applicant signature is required.
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