Closing Stipulations for Business Loans Video

Closing Stipulations for Business Loans

Lenders require closing stipulations to complete and fund loans. What are they and do you have them? This Article reviews common documents needed to close loans, such as business loans and MCA Cash Advances.

dont get declined before closing for a business loan, lease and real estate contracts.  Author Biography: Will Sanio

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Watch: Loan Closing Stipulations, at the Top of page! Apply below now or call 919-771-4177.  Transcript here

Need funding with the fewest closing requirements?   Complete the application link below now.  To watch the Video only, visit Video: Closing Stipulations

Call 919-771-4177 for more info.

List of Stipulations needed for closing

1. Proof of Income.
2. Copy of Business License or Articles of Incorporation  as a way to prove your business exists.
3.  Proof of Ownership of the business.   Proof of  ownership percentage if multiple owners.
4. ID such as a copy of current driver’s license.
5. Copy of voided business check.
6. Bank Verification using secure vendors to pass a DecisionLogic check, or Join me, is needed, as well as a final merchant closing call.

List Continued

7. Acceptable account activity in the last 90 days.   The current balance may need to be a multiple of the required payment.   For example, an mca cash advance may require three times the daily payment in the account.   Excessive overdrafts and NSF’s may cause a late decline.
8.   Most recent year company tax return.
9. A Background Check  is completed.   The lender will do a background check on you personally.
10.   Payoff letter from another lender.
11.  Proof of your business address
12.  Proof of Insurance.
13. Landlord contact information.
14. A Landlord waiver signed by your landlord may be required.   This is for  companies that lease or rent a space.
15. Are you a U.S. Citizen?    Find out more about what may be required for Non Citizen Business Loans.

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FAQ Frequently asked questions 

What are the closing stipulations for a loan?

Closing stipulations are documents required to complete the transaction and be funded. They usually are identification, proof of ownership, and verification of accounts. Sometimes proof of company location or address may be requested.

Are there lot of documents required?

Our programs typically have the fewest number of closing stipulations and items required.  Any requirements are items you can easily get.

Can I still get funding if I don’t have all items required?

Yes. Any items you do not have might be waived. Otherwise we can qualify you into a program that does not require certain  documents you may not have.

More closing stipulations required:

Larger size loans, real estate and other asset based loans have more stipulations.  The higher the dollar amount the more difficult they may be to provide.

To prevent fraud, many lenders are doing a loan closing call.   They talk to the borrower to confirm the request.

Did you know?

Many customers cannot provide all closing stipulations required to complete a transaction.   So what do you do if you cannot provide all the required items?

Call the lender and discuss.   Explain why you cannot provide what they are asking for.  Ask if there are substitute items you can provide in place of what they are asking for.

Negotiate required items and try to get some waived or a substitute document accepted.   This may not apply to a large business loan and real estate backed loan that are heavily regulated.

Examples of negotiating or waiving stipulations

For example, a requirement may be last years tax return but you do not have  last years tax return due to filing an extension.

Request providing proof of filing an extension instead.   Another option is also to request waiver of the tax return altogether.

K-1’s from your most recent Tax return are accepted as Proof of Ownership.

However, Articles of Incorporation showing shareholder ownership percentage should be accepted in place of a K-1.  Providing a copy of a business license with the Owners name on it.

Recent example from the Web: Including a long list of many other types of
Loan Stipulations

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Show Video Transcript Details

Closing Stipulations for Business Loans

00:03 List of closing stipulations 00:10 Help with Closing Documents[ race car engines ]

Its time to close your business loan now, and get the funds you need.

But then the lender sends you a list of closing stipulations they need before you get your money, and you don’t have them. [ desert wind blowing ]

Call us for fewer stips and the most help with documents like, proof of ownership, Tax ID and EIN, [ wind blowing ] proof of business address, passing DecisionLogic bank verification.

We will get you past all the Hurdles [ motorcycle engines ] and to the Funding Finish Line. [ water bubbling ] Low credit scores OK.

Click or Tap on the Apply button, or link in the description or call us at 919-771-4177 or visit bankstatementloan.com

END VIDEO TRANSCRIPT

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