Category Archives: News

August 12, 2017

Landlord Contact Information

Definition:  What is Landlord contact information?

November 17, 2017.   Landlord Contact information is the Name, address and Telephone number of a person or business’s Landlord.  It is used to verify personal residence or a business location .

Examples of Landlord Contact Information: 

A business owner applies for a business loan and is approved.  One of the closing stipulations is to get Landlord Contact Information. If the business owner is asked to get this, they can consider other types of business loans that do not require it.
To get a business loan without providing this, contact us below at SmallBusinessLoansDepot.com for other options.

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Did you know?

Customers do not always have this contact information. What to you do if you are a Home based business and are being asked for this information?   What if you are also the owner of the property and it is paid off?

Let the person requesting this information know you own the property and also if it is paid off.    If you are Home Based, let them know this.   Being home based is often acceptable and you will instead be asked for other information to satisfy this requirement.

This information is requested for many reasons.   Most often when someone is requesting a product or service, and also entering into a Contract.

Landlord Contact Information
What is Landlord Contact Information?

Requests and statements by callers below include:
Why am I being asked for Landlord contact information and what
should I provide?
Give whatever information is asked for.   If you are not sure why it is being requested, ask why.   Sometimes a Lender will try to call the Landlord as part of a personal loan or business loan request.  Ask the Lender if they will call your Landlord.   If so, give your Landlord a heads up to expect a verification call.   Many loans are delayed because they don’t know they will be getting a call.

 

Learn more about Landlord Contact information.

Recent examples from the Web:

Types of Emergency contact requests:

Payoff Letter

Definition of a Payoff Letter.  What is a Payoff Letter?

November 17, 2017.   A Payoff Letter is a letter that is required often by a Lender proving that other loans the borrower had are paid off and have a $0 Balance.

Examples of a Payoff Letter:

– A request to show other small business loans are paid off.
– A request to verify that a credit card is paid off.
– A Letter showing that a similar type of loan has a zero balance and is paid off.

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Did you know?

These Letters are also called a “Zero Balance Letter”.   They are often referred to this way to emphasize that the Letter needs to show that the balance is Zero.

Why are they requested?

Lenders may want to make sure that certain loans are paid off in order for them
to be willing to approve and fund a new loan.

Payoff Letter
What are Payoff Letters?

Customers cannot always provide this letter.
Sometimes customers are not well versed in this field.  Another reason is they also don’t like getting paperwork together and are unsure how to do it.   Customers also see it as a burden that they do not have the time or desire to deal with.

How to Handle a Payoff Letter request:

If a Lender asks you to provide a Zero balance letter, find out which Institution it is.
If you have more than one loan with that institution, get the Account number to make sure you will be getting the information for the correct account.    Once you have this information, call the customer service number for that Lender.

Tell the Representative what you need and they will transfer you to the correct department.  Most Companies have specific Departments that handle this type of request.   You will be routed to that Department and they will provide the Letter.  In most cases you will receive the Letter in 2 to 4 hours.

If you have been asked for this type of Documentation, call us to discuss.   Explain what you are being requested to provide.   There are other Financing products that do not require this and other forms of verification.   You can apply for other Financing options and avoid having to provide this type of Documentation.

The following are frequent requests and inquiries by Callers.   How are they addressed
and handled?
– Need a Payoff Letter for a Business Loan.
– How do I get a Payoff Letter?
These issues and Questions have been addressed above.

Learn more about other types of request for proof of Documentation such as
Proof of income.

Recent examples from the Web:

Therapeutics Corporation entering into a Payoff Agreement and Letter.

Copy of Business License

Definition of a Business License.  What is a Business License?

November 17, 2017.   A Business License is a Certificate issued by a City, County or State Government to a business it can use as verification of it’s existence and to legally operate in the jurisdiction it is located in.  Another purpose for a copy of Business license is that it is required for numerous types of Business Transactions.

Copy of Business License

Examples:
Business Licenses fall into certain Categories.
– General City or County Business license.
– Professional Licenses.
Professional licenses are often in addition to professional licenses.   Examples of these are Medical Licenses, such as a Physician, a Dentist and a Chiropractor.   Other types of Professional Licenses can include certain types of Construction, Engineering, Real Estate Agents and many more.
These types of Professional licenses are often in addition to a standard business license that is required by the City or State.

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Copy of Business License
Ways to show a Copy of a Business License

Did you know?

Some business legally operate without a Business License?
Some States do not require a business license to legally operate.   States may allow, but it can make operating much more difficult for the business.   Other businesses that require a business license to do business with them will not waive their requirement.  It will not matter to them if the State does not require it.   They will still require one.

The following are frequent Questions, requests and statements:
– “I do not have a business license”
–  “Need a business loan with no Business License”
If you do not have a business license, it is recommended to get one.   If your business was a Sole Proprietor, save all of the old Business licenses that you had.

Learn more about Business Licences.

Recent examples from the Web:

Consequences of not having a business license.

Voided Business check

Definition of Voided Business Check.  What is a Voided Business Check?

November 17, 2017.   A Voided Business Check is sometimes required to close a business loan or to complete other types of transactions related to the business.   If this is required and your business does not have standard business checks, ask the lender if there are alternatives.

Examples of a Voided Business Check.

Example of a Voided Check.  This is also referred to as a voided business check.   The Account Holder takes a check and writes in large font,  “void” on the check.    They can then take a picture of the check and send the picture as a .jpeg, or .png file, or .pdf file.

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Did you know?

Businesses are writing far fewer checks than in the past.  ACH payments, incoming and outgoing wires and debit card transactions today make up a significant number of the payments that businesses used to write checks for.   Some business do not have nor write standard business checks any longer.

Voided Business Check
Voided Check

What can you do if the Lender  is asking for a copy of a voided business check and you do not have any?  What options are there?
– Ask the Lender what other options they offer.
– Lenders have some of the following options:
– Bank Verification.   Through this secure option, the Lender can look at the Account holder’s account and verify the validity of the account.   The Party looking at the account
cannot access the account as well as cannot make any changes or any transactions.

Callers often request and call in with the following:
– I do not have a voided business check, what can I use?
– How can I get a voided business check?
The only way to get a voided business check if your business does not have any is to
order checks the traditional way through your financial institution.    In most cases if the checks are needed quickly, expedited service can be requested for an extra $20 to $40.
If you do not have the time to order checks and wait on them, you may want to let the funder do a secure bank verification.   A bank verification is often required anyway, and
It may allow you to get around this requirement.

Recent examples from the Web:

How to void a check using Quickbooks

 

Proof of Ownership of the Business

Definition of Proof of Ownership.  What is Proof of Ownership of the Business?

November 14, 2017.   Documentation a business can show as evidence
or proof of ownership of the business.

Examples of Proof of Ownership of the Business.  

A business owner applies for a business loan and is approved.
One of the closing stipulations is for the Owner to provide Documentation of Ownership of the Business.  The Business Owner does have a few options in providing Evidence of Ownership of the Business.   They can also provide:
– Current Business License.
– Articles of Incorporation and a Partnership agreement.
– K-1 of the most recent Business Tax Return.
– The most recent Full Business Tax Return.

If  you cannot provide the types of documentation of Ownership required for your business loan,  contact us below at SmallBusinessLoansDepot.com for several options.

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Did you know?

Sometimes Business Owners cannot provide the types of Business Documentation of Ownership required to close a business loan.
What can you do if you do not have the specific proof of ownership the lender is asking for?  There are other options in addition to the ones listed above.   Call us to discuss and we will offer you other options.

Proof of Ownership
What is Evidence of Ownership?

Evidence of Ownership is often required.   The person applying in the name of the Company needs to prove they are the Owner.   This prevents other people from getting Loans in the Company name that are not authorized to do so.    It also can help break down the Ownership percentage if there is another Owner.

The following are frequent requests and statements:
– What do I need for Proof of Ownership.   I don’t have it and
also cannot provide it.

Learn more about Proof of Ownership.

Recent examples from the Web:

Visit other resources on our site to get information on Ownership
questions or issues.

 

Proof of Income

Definition of Proof of Income.  What is Proof of Income?

November 17, 2017.   Proof of Income is documentation or other evidence that is used to prove the income of an individual or business.

Examples of Proof of Income: 

A business owner applies for a business loan and is approved.
One of the closing stipulations is to show Evidence of Income.  The following is a list of most accepted forms of proof of income for businesses and individuals:
Tax Returns
Pay Stubs or W-2 Statement
Bank Statements
Financial Statements such as Profit and Loss and Balance sheets

If a business owner cannot show Documentation of Income, they should consider other types of business loans that do not require it or for which background information on the applicant is not heavily scrutinized.  To get a business loan without Proving Income,  contact us below at SmallBusinessLoansDepot.com for several options.

Complete the Secure DocuSign Application.
Or Call us at Tel:  1-919-771-4177, or Send E-Mail

Did you know?

Customers cannot always show the type of Documentation of Income that is being requested.
What if you cannot provide Document your income?

There are other funding Options.   Call us to discuss these options.

Proof of Income
What is Proof of Income?

Evidence of Income is requested for many reasons.  Most often they are completed when someone is requesting a product or service, or entering into a Contract or Relationship with someone else.   They are not always looked at the same way.   What is looked for is totally up to the party that is pulling the report and also what they decide about the information.

The following are frequent requests and statements:
– I do not have Proof of Income.  What can I do to provide what is needed?   Other ways to show evidence of income sending Bank Statements.  If all of a person’s income goes into 1 Account, then the most recent bank statements for that account may be used to prove income.  This can be done for a business or an individual.

Learn more:

Recent examples from the Web:

Evidence of Income

Contact us today for program options.

Proof of Insurance on Collateral

Definition of Proof of Insurance.  What is Proof of Insurance?

November 17, 2017.   Proof of insurance on Collateral is required for many types of transactions and contracts, including business loans.

Examples of a Proof of Insurance.  

A business owner is approved for a business loan.   One of the requirements for closing is to show Full Coverage insurance.   If the business owner does not have insurance, or full insurance on the Assets, they can consider other types of business loans that do not require it.  For one of these options, contact us below at SmallBusinessLoansDepot.com for several options.

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Or Call us at Tel:  1-919-771-4177, or Send E-Mail

Did you know?

Customers cannot always show evidence of Insurance.
What can you do if you cannot show Proof of Insurance for a business loan?
You can quickly get low cost insurance to show the coverage you need.   This is
probably the best option if you need to get business funds soon and are already
approved for a loan.

Proof of Insurance
Does your Transaction require Proof of Insurance

Get funding through a different type of loan which
may not need to show Full Coverage Insurance, including a Bank Statement Loan, an Accounts Receivables loan, and also a loan based on Stocks.

Why is Insurance needed?   Can Insurance be waived?
If Insurance is needed to complete a Transaction, it will not likely be waived because the Lender needs collateral coverage.
Insurance covers the replacement cost of the Asset and the Lender may be approving the loan based on the asset.  The Lenders needs insurance because if the Collateral is damaged, a total loss or stolen, the Lender cannot recoup their losses.   If the Lender does not have this coverage, they probably would not have approved that type of financing.

So if you cannot get and afford full coverage insurance, then instead you can also look at other business loan options.

The following are frequent requests and statements:
– I do not have insurance and full coverage insurance on my Collateral.
– Cannot show proof of insurance on my Collateral, Asset or Equipment.
– I need a business loan without  Proof of Insurance.

Learn more about Proof of Insurance.

Recent examples from the Web and more Articles from the Web:

Full Coverage Insurance 

 

Background Check for business loans

Definition of background check.  What is a background check?

November 14, 2017.   A background check is when there is an investigation into the history of a person or company.    This may include criminal history, civil suits history, credit checks, employment history, educational history, tax history and other checks.

Examples of a background check and background history review.  

A business owner applies for a business loan and are approved.
One of the closing stipulations is to get and review the background history of the business owner.
If the business owner cannot pass a background history review, they should consider other types of business loans that do not require it or for which background information on the applicant is not heavily scrutinized.  To get a business loan with a criminal history, or if you cannot pass a background information review, contact us below at SmallBusinessLoansDepot.com for several options.

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Or Call us at Tel:  1-919-771-4177, or Send E-Mail

Did you know?

Customers cannot always pass a criminal background check for a business loan.
What can you do if the owner cannot pass a check on their past history for a business loan?

Background Check
Get a business loan without a background check or if you cannot pass a background check

Good news.   There are other options.   Call us to discuss other options.   Explain what will show up on your record and we will offer other options that can work.

Background history reviews are done for many reasons.   Most often they are completed when someone is requesting a product or service, or entering into a Contract or Relationship with someone else.   They are not always looked at the same way.   What is looked for is totally up to the party that is pulling the report and also what they decide about the information.

The following are frequent requests and statements:
– I do not want and will fail a background check, as well as:
– Cannot pass a background report check.
– Need a business loan without a personal history check.

What do you do if you want a business loan with no background check?   If this has caused you a problem, call us above.
We have funding options for loans that do not require this

Learn more about background reports.

Recent examples from the Web:

Business News articles 

 

 

 

Business loan with no tax returns?

Need to get a business loan but cannot provide business tax returns?

November 17, 2017.  Sometimes Lenders will approve you for a Business loan but then want to get a business tax return before closing.   They may not scrutinize the return but will not close the business loan with no tax returns.  The Lenders are making sure the business is not delinquent in filing returns.

Example of what to do if you need to get a business loan with no tax returns.

A business applies for a loan and is approved.   However, the Lender requires the most recent tax return or 2 years tax returns.   If you are a new business, or have filed an extension, your business cannot provide this information.

If your business cannot provide Tax Returns, then:
Before applying, ask if Business Tax Returns will be required.  If so, apply for a business loan product that does not require returns.   Click on the 15 second app for business loans that do not require a business tax return.

Business Loan with no Tax Returns
Want a business loan but do not have Tax returns?
Choose these options

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Lenders will not scrutinize the returns even if they require them.   They will not review Gross and Net Profit, Business Tax Write Offs and other parts of the return.  However, if they ask for a return, you have to provide it.

Business owners are often afraid to provide a return because they show a net loss.  What can you do?  Apply for programs that do not require business returns.   Ask the lender in advance how closely the return will be scrutinized.  Many loan programs will just get the return to verify it has been filed.

The request for returns are also part of  “closing stipulations”.    Other items that are usually required for closing stipulations include a copy of current driver’s license, in addition to a clear copy of voided business check,  copy of business license.

Frequently asked questions, requests and also statements.

1.   “I need a business loan without tax returns.”
2.  “Looking for a business loan with no tax returns.”
3.  Need a no tax return business loan.
4.  Cannot provide tax return for business loan.
5. I don’t have any tax returns for my business yet.
6.  Filed an extension on my tax returns.   What do I do?

Business loan with no tax returns?

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