This is a loan for the small business, used to refinance an existing business property, or invest in real estate. Each person who owns more than 25% of the business has to sign the application and a personal guaranty. For a limit at $250,000, the bank needs to know the business and the guarantor’s financial statements and the last tax return. For more than $250,000, two years of financial statements and tax returns from both business and guarantor. Application contains business and identification info, such as taxpayer ID number, year’s current ownership, annual sales, location, mailing adress and phone number. It also contains financial information about the business deposit accounts, the current and average balance, and about business debts.

Bank also requires a Real Estate Addendum, a form with information about the real estate that is being bought. It contains the name of the applicant, the name of the future property, a brief description containing size, age, layout, land area, improvements, and other information. Then the client needs to specify the purpose of the estate for his business (commercial, residence, agricultural etc.), the price of the transaction, the date, the market value. This document must come together with other documents of the estate, the purchase agreements, the copy of the lease agreements, the most recent tax statement and environmental report or appraisal. Usually the documents are ready in 30 days. The loan is flexible. The down payment may be as low as 10%, standard prepay fee is 5%. Rates may be fixed or adjustable, and the term up to 30 years.