Whether you’re looking to add features to your account, apply for a business loan, or prepare annual documents, we’re here to help. We’ve provided answers to a few common questions below. For any other questions, give us a call at (203) 453-2721.
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FAQ - How Do I(Business)

Lending

No matter what your loan is for, we want to make sure we make it easy to find the financing that’s right for you. When you’re ready to apply, you can help speed up the process by preparing the financial information we’ll need ahead of time.

For most commercial loans, we’ll need:

  •  The last 2 years of business income tax returns and/or CPA-prepared financial statements.
  • Interim financial statements if it’s been 6 months or more since your business’ last fiscal year-end.
  • The last 2 years of personal income tax returns for principals of the business.
  • Signed and dated personal financial statements for principals of the business.
  •  Invoices or cost estimates for any equipment you plan to finance.
  • Current accounts receivable aging report, if applicable.

For most real estate loans, we’ll also need.

  • A dated rent roll for subject properties.
  • Copies of lease agreements.
  • A projected income statement for subject properties.

Our experienced commercial lending team is available to help make your plans a reality. Contact them today for more information.

Online Banking

Personal financial statements are often requested during the commercial loan process. These statements help the bank analyze the creditworthiness of the principals of a business, in addition to the business itself. Applicants should be as detailed as possible to aid in the process.

When completing the form, one of the most critical sections is the Asset & Liabilities information. On Guilford Savings Bank’s form, this section is listed as “Section 1.”

Assets:

        When listing assets, you should include cash deposits, life insurance, stocks and bonds, personal and investment real estate, retirement accounts, and any miscellaneous personal assets held. Additional asset types may apply that are not listed.

Liabilities:

        Liabilities often include items such as outstanding mortgage balances, bank notes or personal notes which you owe to another entity, taxes due, and credit card debt. There may be more liabilities that apply to you that are not listed here.

To download our Personal Financial Statement form, click here. Remember, you should never send your personal financial statement or any other personal, confidential information through unsecured e-mail.

Our experienced commercial lending team is available to help make your plans a reality. Contact them today for more information.

Other

Commercial construction projects are unique and require additional preliminary documents available to start the loan process. When you’re ready to apply, you can help speed up the process by preparing the financial information we’ll need ahead of time.

For most construction loans, we’ll need:

  •    Construction plans identifying exact work to be completed within their given timeframes.
  •  Preliminary budget identifying total costs, amounts contributed by borrower, and funds required.
  •  Contracts with any subcontractors to be used.
  •  Copies of any required building permits.
  •  Copies of any environmental studies previously conducted on property.

      This is in addition to the items we need for most commercial loans, which include:

  •  The last 2 years of business income tax returns and/or CPA-prepared financial statements.
  •  Interim financial statements if it’s been 6 months or more since your business’ last fiscal year-end.
  •  The last 2 years of personal income tax returns for principals of the business.
  •  Signed and dated personal financial statements for principals of the business.
  •  Invoices or cost estimates for any equipment you plan to finance.
  •  Current accounts receivable aging report, if applicable.

      Our experienced commercial lending team is available to help make your plans a reality. Contact them today for more information.

 

As part of our process, our commercial lending team will review most outstanding loans on an annual basis. Your loan officer will request updated financial information from you as a part of this process. You can help speed up the process by preparing the financial information we’ll need ahead of time.

Typically, the following is required annually:

·         The latest business federal income tax return and/or CPA-prepared business financials for borrowing entity(s).

·         Interim financial statements if it’s been 6 months or more since your business’ last fiscal year-end.

·         Latest personal federal income tax return for individual borrowers and/or guarantors.

·         Updated personal financial statements.

·         Updated rent roll and/or leases in the case of commercial mortgages.

Your GSB loan officer will be happy to further assist in identifying the documents specific to your loan.

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