Posted on: 14th Oct, 2007 07:12 am
Good Morning:I will be getting a commercial loan for $3 million for my new business but I need to show 6 months of working capitol.The verification is for the period of 30-60days what can I do?
Deposit the money and wait 30-60 days.
Thank you very much however, we have not raised that kind of capitol.We did negotiate $400,000 of the purchase price.
Are you saying that they would give you $400,000 out of the purchase price?
I don't believe that will work. The lender is probably asking you to show that you have 6 months of working capital in reserve. The only place this money can come from is you.
I don't believe that will work. The lender is probably asking you to show that you have 6 months of working capital in reserve. The only place this money can come from is you.
Hi,
IF you have the money, then you can simply deposit the money and wait 30 to 60 days. And in case you don't have it, you can look for other lenders.
IF you have the money, then you can simply deposit the money and wait 30 to 60 days. And in case you don't have it, you can look for other lenders.
It all depends on the lender providing the financing. Some require 6 months, others require 3, and a few simply require you have great credit scores as an alternative. They will not source or season the funds needed for closing.
