We know this process is dreaded.
I mean who actually enjoys finding all the needed documents, communicating back and forth, deciding what will work best for your business and closing.
It’s quite the process but the process CAN go smoother if you follow these simple four steps.
1.Have your documentation ready
The majority of this process is spent requesting documents. If we have the starting documents we can speed up the entire hunt for the perfect loan for you.
Here is a basic list of returns and statements we need to get started.
- 3 years personal returns
- 3 years business returns
- Personal financial statement
You have these documents prepared and ready to send and your whole process will launch quicker.
2. Understand all types of loans
You come to us so we can find you the perfect loan. We at Legacy Capital Lending are dedicated to fulfilling the needs of your unique business and situation.
We strive to meet these high standards but not all lending businesses do this. It is very important to know the basics of the loan world to ensure you don’t get robbed.
Not sure where to start?
Here is a detailed article containing the most common types of loans.
3. Contact a Great Broker & Ask for Referrals
Brokers are here to help serve you and take the confusion out of the process. They deal with many different types of businesses with all different needs every day.
They also know how to package your business and assets to appeal to lenders.
These are all signs of a great broker but unfortunately, not all brokers provide excellent service.
To ensure you don’t get screwed do the research. When talking with brokers ask them questions, ask for referrals and decide for yourself if you want to work with them.
4. Read the Fine Print
The last step to this process is closing the deal.
Don’t speed through this finalization without thoroughly understanding the loan and it’s details.
Again, don’t be afraid to ask questions. Read it for yourself so you know exactly what you are signing to determine if it is going to help your business in the long run.
The funding process takes time no matter who you are or what kind of business you run.
Get started as early as possible.
Ensuring your business receives the right loan at the right price can be a huge money difference in the end.
Don’t rush it.