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Business credit lines

Application

 

There are 2 parts to this form. The first section deals with the requirements involved in completing the information. The second section/page is the Application for Business Line of Credit.

 

Generally Business Lines of Credit are “stated” applications. A stated application (also known as “no document”) is one where a client will complete the information found on the application but the lender is not verifying that information.

 

The higher the requested loan amount, the more likely a lender may attempt to confirm information found in the application.

 

Line requests for less than $100,000 will generally remain in a “stated” status with the information provided going unverified by the lender. This does not mean that it is okay to falsify information, but merely that the client will not be required to supply documentation supporting that information found in the application.

 

A FEW IMPORTANT RULES

 

ALL APPLICATIONS REQUIRE A COPY OF YOUR DRIVERS LICENSE.

 

A lender will NOT lend if a client has:

 

Declared/Filed for bankruptcy in the previous 10 years;

Credit scores lower than 700;

Less than 2 years in business.

 

Non-Stated or Full Documented Loans permit clients to obtain bigger lines of credit and better interest rates. If a client decides, or a lender requires, a file to go the full documented route, 2 years corporate and 2 years business tax returns may be required. The client DOES have the option of terminating the business line request, which will result in NO monies having been expended. The client may also be able to request a lower business line that would enable the lending entity to forego documentation requirements.

 

Biz Line A: Business Lines between $10,000 and $50,000 will usually require the following:**

 

Gross Income - - $350,000 or higher.

Net Income/Net Profit - - $12,000 or higher.

Employees numbering 3 or more. (Employees can be you, your spouse, and offsite/offshore contractors.)

 

Biz Line B: Business Lines between $50,000 and $100,000 generally require the following:**

 

Gross Income - - $650,000 or higher.

Net Income/Net Profit - - $32,000 or higher.

Employees numbering 6 or more. (Employees can be you, your spouse, and offsite/offshore contractors.)

 

** These loans generally do NOT require any documentation nor verification of application responses. In some cases certain 50 to 100,000 dollar lenders will require documentation.

 

Biz Line C: Business Lines over $100,000 generally require the following and may require full documentation:

 

Gross Income - - $850,000 or higher.

Net Income/Net Profit - - $50,000 or higher.

Employees numbering 6 or more. (Employees can be you, your spouse, and offsite/offshore contractors.)