How To Prepare The Best Financial Statements
I am trying to get financing through some of the smaller banks commercial division since the upheaval in the credit markets has made it more and more difficult with the larger banks.
I am being asked to provide a personal and business financial statement. I was wondering if anyone had any advice or could point me to sample financial statements.
Also, a question I am being asked is how do I intend to use the funds. My plan is to use the funds to acquire more properties and to grow my business. Are these valid reasons that banks will consider for lending? Or will they feel these are not good reasons for a mortgage financing?
Any help will be appreciated.
JS.
If you use quickbooks or quicken they have canned reports.
When the bank says CASH, they are not limiting you to coming up with the cash out of your own pocket. Cash at the settlement table can come from funds you borrowed from a lender
Out of the last 20 or so foreclosures I have purchased, I used lender financing on all but one. I really paid cash for one that I borrowed from a HELOC.
I did not use a financing contingency because I had my financing lined up and ready to go with a loan approval letter from the bank.
[ Edited by NewKidInTown3 on Date 08/29/2009 ]