Applying for a business loan- what do I need?

H

hunkydory

Guest
I have 60k of my own capital and am looking for a 250k loan to purchase a sound business with good, established turnover. My accountant is arranging this finance for me. I have provided a statement of net worth. What else may I need to do besides a medical?
 
Probably some Life Assurance or Keyman Assurance which the lender will more than likely insist upon. Plus some good luck if you can get it.
 
Thanks Mercman. I've heard of banks looking for minute detail. I've even gone to the trouble of checking my credit rating- which came back grand thank god.
 
I suspect the lending institution will look for a detailed business plan and cash flow forecast to show your ability to repay the loan.
 
Thanks for that. My accountant will provide all of these. Do I need utility bill, personal bank statements? or not because the borrowings are against the business, save for any garauntee I give?
 
Business plan with income and cashflow statements for 1-3 years (projections), 6 months of personal bank statements, proof of savings, details of any personal borrowings.

You will need ID and proof of address once it is approved, as you will need to open an account in the institution in order to officially be approved for a loan.
 
Yeah right, the institution will so suspicious about your cash flow would like to be assured that you can repay the loans.
 
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