Closing stipulations are items that are required to finalize a transaction. These may be for any type of transaction or contract and are frequently required for loan, lease and real estate purchase contracts.
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Learn examples of Closing requirements.
1. Copy of current driver’s license.
2. Copy of Business License.
3. Copy of voided business check.
4. Bank Verification such as DecisionLogic, Join me, or direct Login info.
4. Proof of Insurance.
A. Proof of Business Insurance.
B. Proof of Insurance on an Asset.
5. Proof of Income.
6. Landlord contact information.
7. Proof of Ownership of the business.
8. Most recent year business tax return.
9. Payoff letter from another lender.
10. Proof of your business address or business location may be required.
11. Background Check for business loan may be done. The lender will do a background check on you personally.
12. A landlord waiver signed by your landlord may be required. This is for businesses that lease or rent a space.
Stipulations that happen automatically
Some stipulations such as the lender putting a UCC blanket lien or more standard UCC lien on your business happen automatically. Review your contract to know exactly how the lender will file the UCC lien and on what.
You cannot provide closing items required to complete a business loan and need another option. Click on the links above that match what you cannot provide.
If you cannot provide a tax return, there are other options. We can
provide financing options without the many stipulations required by others.
More closing stipulations required:
More closing stipulations are required for larger business loans, real estate loans and other asset based loan. The higher the dollar amount the more difficult the stipulations may be to provide
Did you know?
Many customers cannot provide all items required to complete a transaction. What do you do if you cannot provide all the required items?
Call the lender and discuss. Explain why you cannot provide what they are asking for and ask if there are substitute items you can provide in place of what they are asking for. Required items can probably be negotiated or waived. This may not apply to a large business loan and real estate backed loan that are heavily regulated.
Examples of negotiating or waiving stipulations
For example, a requirement may be last years tax return but you do not have last years tax return due to filing an extension. Request providing proof of filing an extension instead. Another option is also to request waiver of the tax return altogether.
Providing Proof of Ownership. For proof of ownership, K-1’s from a Tax return are usually listed in the Stipulations. Articles of Incorporation showing shareholder ownership percentage may be accepted in place of a K-1. Providing a copy of a business license with the Owners name on it.
Recent examples from the Web:
Changes in Stipulations and requirements from Brexit fallout.
Including a long list of many other types of stipulations.