All banks are different, but typically, the following information will be required to get a pre-approval for an SBA loan:
- Previous 3 years' tax returns
- Business income statement and balance sheet
- W-2s for guarantor(s) and spouse(s)
- Recent bank/broker statements evidencing enough cash for a 10% down payment
Additionally, banks typically want to know the answers to the following questions:
- Personal monthly mortgage payment
- Personal monthly mortgage payment for vacation/rental homes
- Personal home equity line of credit limits for all properties
- Personal outstanding credit card balances
- Business vehicle, equipment, or any other term loan payments
You should also be prepared to answer questions about your current locations, including:
- Square footage
- Lease term
The bank will also want to know if you have ever declared bankruptcy, if you have ever been convicted of a felony, or have any pending lawsuits.
If you have any questions on purchasing a building or the financing process, fill out the form below to connect with a specialist.