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Remember that commercial lenders will want you to produce a convincing business plan. They will look at your past business documentation, and sometimes even at your previous personal tax returns. This method has been customary within marketing for many years. In days of yore, these documents were examined more for their completeness; today they are looked at with greater scrutiny. It is good to know that your application forms and your document attachments will be subjected to intense scrutiny and examined closely for the slightest discrepancies. You can sufficiently prove past cash flow with a documented history of earnings, as demonstrated via previous tax returns.

The very first essential step is to have copies of your past tax returns. If you go to a business loan officer with a new or even nominally risky idea, don’t expect a whole lot of enthusiasm in the beginning. Be assured that they will thoroughly examine every facet of the viability of your business plan. If you are skilled in communicating your aspirations, and convincing in your likelihood of achieving them, you stand a good chance of persuading the mortgage officer to view your venture in a positive light. In these difficult days, you want to develop a solid relationship with your loan officer. If you find a qualified financial advisor with outstanding communication skills, you will find that his or her services can be almost miraculous.

In addition to putting a lien on your business, some commercial mortgage lenders may also insist on encumbering your private home. This is a tricky situation. It’s understandable that the one loaning you money will want to secure it in any way feasible. Allowing a lien to be placed on your private property in order to further your business could endanger not only your fiscal well-being, but that of your family as well. You want to look cautiously at this course of action and only follow it with great care.

February 25th, 2010

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