Need A Commercial Loan?

Applying for a Commercial Loan

Business owners, especially those in a growth mode, often times need a loan to purchase new equipment, to expand or renovate their physical plant or to cover cyclical cash flow needs.

United Southern Bank’s commercial lending team has a great reputation in Central Florida as being responsive and willing to get to know our business customers and their specific needs. However, making a formal request can be an overwhelming task.

We have gathered advice and tips from our commercial lenders to help make your next loan request easier.


Tell Your Story

  • History: Explain your experience and your company’s experience and reputation in the industry. Your reputation will play a large role in your credit approval.

  • Purpose: Clarify why you want to borrow, how much and specifically how the loan proceeds will be used. Be ready to explain how the loan will help your company be competitive or grow.

  • Repayment: Have an idea about how your cash flow will allow you to repay the loan. Explain how this loan will impact your business and help you repay the additional debt.

  • Collateral: Describe what you have to offer as security for the loan. Consider what other assets you have, either business or personal, that might you might offer.


Document Your Story

  • Financial information: Provide three years of complete personal and corporate tax returns, current personal financial statement, year to date company financial statement and schedule of debts.

  • Other information (if applicable): References, accounts receivable aging, accounts payable aging, financial projections, equipment list, construction plans, etc.


Understand The Bigger Picture

  • Guarantors: USB typically requires the personal guarantees of the company principals.

  • Credit: Your past credit history will be considered in your loan approval. Be ready to discuss the good and the bad.

  • Relationships: Build a relationship with a commercial banker before a need arises. Ask to meet a commercial lender, learn what we have to offer, suggest a tour of your facility and start to build trust.

United Southern Bank commercial lenders are rooted in this community and are committed to helping your business and the economic climate of Lake County. Call us today!

 

Contact a Commercial Lender

Loan Documentation Requirements


Each loan request:

  1. Three (3) years tax returns on the Borrower and each Guarantor

  2. Personal Financial Statements

  3. Schedule of existing debts

  4. Income and expense projections (if applicable)

  5. Copies of driver’s license on each borrower, guarantor, and/or beneficial owner

  6. Beneficial ownership information*

  7. Bio/Resume

  8. Brief narrative summarizing the request

If Equipment:

     1. Copy of purchase order/invoice

If Real Estate:

  1. Purchase agreement

  2. Lease agreement

  3. Rent roll

If Construction:

  1. Site plan

  2. Plans & specifications

  3. Project cost breakdown

  4. Copy of construction contract

  5. Survey (if available)

These lists are not necessarily comprehensive, but a general idea of what you will need to provide. All loan requests are subject to credit approval. USB NMLS# 419535

*Each time an account is opened for a covered Legal Entity, the Bank Secrecy Act requires us to ask you for identifying information (name, address, date of birth, tax identification number), as well as identification documentation for each individual that has 25 percent or more Beneficial Ownership in the Legal Entity; and, one individual that has Significant Managerial Control of the Legal Entity. If you are opening an account on behalf of a Legal Entity, you will be required to provide name, date of birth, Tax Identification Number, and address. For foreign owners, you also will be asked to provide a copy of the owner’s passport, and certify that all information is true and accurate to the best of your knowledge.