Document packages: SBA vs term loan vs MCA

The longer the money is out and the larger the amount, the more a lender wants to see. An advance repaid in months is underwritten mostly on recent bank deposits. A ten-year SBA loan is underwritten on tax returns, financial statements, debts and the owners' personal finances. Every lender has its own list; these are the common cores. Collect once, label clearly and keep everything current, because statements and financials go stale.

• Tax returns not filed for the last full year, or extended with no draft available.
• Revenue on the tax return far below bank deposits, or the reverse, with no explanation.
• A debt schedule that leaves out advances visible in the bank statements.
• Interim financials more than a quarter old.

Fix these before submitting. A lender that sees an inconsistent file once often will not look again.

On a deal in Ferrylend, Use the … checklist on Documents & stips adds the standard package for the deal's product (bank statements and a voided check for an advance; tax returns and financials for a line or term loan; the SBA forms and returns for SBA; the vendor quote for equipment; the A/R aging, invoices and customer list for factoring), and Add item adds anything else, with each item tracked from requested to received. See requesting documents and the submission checklist guide.