North Carolina Checklist for Business Loans Secured by Real Estate
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How to fill out Checklist For Business Loans Secured By Real Estate?
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FAQ
The types of collateral that lenders commonly accept include cars?only if they are paid off in full?bank savings deposits, and investment accounts. Retirement accounts are not usually accepted as collateral. You also may use future paychecks as collateral for very short-term loans, and not just from payday lenders.
Collateral can be a physical asset, such as a home, business real estate or equipment; or a non-physical asset, like accounts receivable or cash in the bank. Collateral requirements vary from lender to lender and depend on the type of loan you want and how much you'd like to borrow.
Documentation needs may vary based on your loan; required documents may include but are not limited to: personal and federal tax returns, financial statements, business plans, and resumes of key management. Your Business Solutions Officer will work with you throughout the application process.
In general, banks prefer to have collateral that is easily converted into cash, such as deposits, cars, equipment, or real estate. Their advance rates against these assets will be higher than against inventory or receivables, which are much harder to convert into cash.
What can I use as collateral for a business loan? Cash is the most liquid form of collateral, while securities like treasury bonds, stocks, certificates of deposit (CDs) and corporate bonds can also be used. Tangible assets, such as real estate, equipment, inventory and vehicles, are another popular form of collateral.
Real estate and home equity are the most commonly offered collateral for small businesses because a house is typically the most valuable asset an individual possesses. However, most banks will only take a small fraction of equity accrued on a house as collateral because they follow stringent debt-to-income ratios.
A secured business loan requires a specific piece of collateral, such as a business vehicle or commercial property, which the lender can claim if you fail to repay your loan.
