Question 1

What documents need to be provided for pre-approval?

Accepted Answer

Our initial documents consist of 3 years of Personal, Business, and Affiliates (20% ownership) of the tax returns, Personal Financial Statement, and Debt Schedule. We may require additional documents and information to fully review and understand the transaction.

Our Initial Document List can be found in the Home & Loan sections of our website.

Question 2

How do I prepare for the initial documents?

Accepted Answer

We often receive questions from the applicants for the initial documents. We offer assistance on how to write the initial documents with the understanding of the Balance Sheet, Income Statement, and Cash Flow. Additional information may be requested while reviewing the documents.

Question 3

Is there a minimum credit score requirement for microloans?

Accepted Answer

No, we do not have minimum credit score requirements up to $100,000. Our microloan is intended to offer businesses in financially underserved areas to help and assist the business owners.

Question 4

What is the condition of collateral and guarantee?

Accepted Answer

It varies on the types of loans that the applicants are applying. Typically, lenders like to secure the loan amount through the applicant’s business and collaterals but sometimes it only requires a personal guarantor.

Question 5

Can I refinance my current debt with other loans?

Accepted Answer

Definitely! We can help not only with refinancing existing debt but also the additional loans with debt refinancing if you would like to expand your business. For debt refinancing, more than 85% of the current debt should have been used to acquire fixed assets (land and building with improvements and machinery and equipment) and be current with the debt payment.

Question 6

How long do we need to stay in the building to satisfy owner-occupy requirements?

Accepted Answer

The Operating Company must occupy the project property during the term of the loan with the occupancy requirements.

Frequently Asked Questions