How long does the loan process take?
The commercial loan process timeline depends on the type of business loan that you apply for.
- Commercial Line of Credit: 30 days
- Commercial Real Estate Loan: 30-45 days
- SBA Loans: 30-60 days
In some cases, we can do some loans as quickly as a couple of days.
What information do you need to apply?
To make it simple, we have created a loan checklist for you to follow. If you have any questions, feel free to give us a call.
Documents required for initial credit decision:
All loan requests:
- Driver's License (or government issued photo ID)
- Business federal tax return for the last three years, including all schedules. (If current year returns have not been filed, provide a copy of your extension)
- Schedule K-1
- Fiscal year-to-date financial statement
- Personal federal tax return for the last three years for any owner with greater than 20% ownership in the company, including all schedules
- Personal financial statement (less than 6 months old)
- Debt schedule outlining all monthly payments
Investor loans (collateral property <51% owner-occupied)
- Current rent roll
- Lease agreement(s)
- Letters of intent
- Purchase agreement
- Purchase orders or invoices
Final documents required for processing loan documents
- Organizational documents (Articles of Incorporation/Organization, Secretary of State, Operating Agreement, etc.)
- Resumes or Bios of key management
What type of down payment is required for a commercial real estate loan?
Generally, you will need to have 20% down for bank financing with Mutual Federal.