5 Reasons to Have a Personal Financial Statement or Business Financial Statement

October 20, 2011 by  Filed under: Loans 

5 Reasons why a professional looking financial statement will help you get your loans reviewed and approved quickly. Lenders love to be able to give a quick answer without having to look through 60 pages of statements to see whether or not they could approve your loan. Save time for you and your lenders by having a financial statement submitted ahead of your loan application.

1. BUILDS INSTANT CREDIBILITY.

a. It will separate you from most other loan applicants.

b. It shows that you understand the importance of having control of your finances.

2. LOOKS PROFESSIONAL.

a. Many banks and lenders will require you have a personal financial statement. Some will even fax you a form that you have to hand write everything in. That looks terrible. It is much better to have it on a professional looking document that you submit ahead of your loan application for a quick review as well as with the complete application with all of your supporting documentation.

3. QUICK APPLICATION REVIEW AND ANSWER TO APPLICATION.

a. You need answers in minutes, not days on whether your loan will be approved. Many professional real estate investors and business owners cannot waste time waiting 5 days on whether or not their loan will be approved.

b. You will get a quick review of whether or not the lender will approve your application because you have all of the information condensed into a 3 to 4 page format with a 1 Page Summary Sheet of your financial picture. This will save the lender a lot of time so they do not have to dig through a 30 to 60 page fax to see where you stand financially.

c. First, send your financial statement to the lender before filling out the entire application and sending in all of your documents. Sending in all of your supporting tax returns, bank statements, pay stubs up front will just waste your time and the lender’s time if the application would not get approved based on what your financial statement says.

d. Be sure that your financial statement is fairly accurate. In other words, when it comes time to send in all of your tax returns, bank statements, pay stubs, etc.; make sure that they back up what you put on your Personal Financial Statement.

e. Gives bank or lender a quick snapshot of your ability to qualify without having to spend hours looking at all of the tax returns, bank statements, and pay stubs first. They will be able to look at your personal financial statement and pretty quickly be able to tell you if you will qualify for the loan you are applying for.

4. LENDERS AND FRANCHISES LOVE THEM.

a. Your Personal Financial Statement will save them a lot of time.

b. They can tell you fairly quickly whether or not loan will be approved.

5. WHO NEEDS THEM?

a. Business Owners to obtain financing.

b. Real Estate Investors and Home Buyers.

c. Franchise Applicants.

d. Lenders, to speed up the process and save time.

e. Real Estate Agents, to give to their investors and for themselves as investors.

f. Anyone who wants to reach their financial goals needs to know what their starting point is in order to establish legitimate goals.

Chip Hoisington
http://www.financial-statement-example.com

Article Source:
http://EzineArticles.com/?expert=Chip_Hoisington

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