collateral checklist for loan
by chinglingy, Window Shopper
- Created: August 22, 2013, 3:48 pm
- Updated: March 20, 2015, 9:02 am
Hello, I currently started a business with two other partners and we are in the process of applying for a Small business loan. I have put up my in-laws house as collateral and the loan has been "approved" but they keep asking for all this stuff before they actually hand over the money for us to operate our business. Example they told us that we need life insurance for me and each of my partners before they give us the money so that in case anything happens to one of us the loan still gets paid. Now they are asking that the name of the bank to be one of the beneficiaries for the home owners insurance in case something happens to the home. I have triple A for home owners insurance and they said that they cannot just do that, that the deed of the house would have to be changed to prevent fraud. There is no way that is going to happen. So my question is, IS THIS NORMAL REQUIREMENTS to obtain a business loan? Also they only give us one piece of information at a time, which keeps holding up the loan, shouldn't they know exactly what they need and give us a checklist from the start so that we can get it all in at once? what have you had to provide/do to get a business loan approved?
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