What information does a business lender need?
By Bridgemead Finance ·
Being prepared is one of the simplest ways to speed up a finance application. Every lender is different, but most will ask for some or all of the following.
About the business
- Your latest filed accounts, usually the last two years
- Up-to-date management accounts for the current year
- Business bank statements, often for the last three to six months
- Details of existing borrowing and repayments
- A list of customers owed money (aged debtors) for invoice finance
About the funding
- What the money is for and how much you need
- Quotes or invoices for any equipment or vehicles
- How the funding will be repaid
About the directors
- Identification and address details
- Details of any personal guarantees the lender may request
Having these ready means lenders can review your application sooner. If you are not sure what you need, make an enquiry and we will talk you through it.
This guide is general information, not financial advice.