When you’re getting any loan, including a commercial building loan in Buford, GA, you’ll need to gather a lot of documentation to see the process through. This documentation is necessary to prove to the bank that you will use the loan for the purposes they indicate and that they are doing the right thing in taking the risk of loaning money to you.
Here are a few of the documents you will need to take out a loan for your business. For a full list, check in with your bank.
Business Tax Returns and Bank Statements
When taking out a loan for your business, the lender will probably want to know if your business is profitable or not. This tells them whether or not they will get repaid for the commercial building loan in Buford, GA.
You can prove your business’s financial health by showing bank statements for your business account, which shows regular transactions, as well as tax returns for the past few years.
Owner Finance Information
Besides business financial information, you will need to provide your own personal finance information for bank loans. This shows the lender that as the owner of the business, you have a history of financial responsibility.
Basic Information
As for any other loan, you will need to provide basic information such as an ID and social security number. You will also need to provide your business’s basic information, such as registration, EIN, and permits.
