"Commercial Loan Application Form - North Star Credit Union"

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Creditor: North Star Credit Union
COMMERCIAL LOAN
24 South River Street
Cook, MN 55723
APPLICATION
218-666-5940
218-666-2149 (Fax)
1. Applicant – Borrower
Form of Business
Corporation or LLC (circle)
Proprietorship
Partnership or LLP (circle)
Other
Trade Name of Borrower (if different)
Street Address
City
County
State
Zip
Telephone No. (incl. A/C)
Federal Tax ID No.
Date of Application
Number of Employees
Existing Business
New Business
At time of application_______
Purchasing Existing Business
If loan is approved _________
2. LOAN REQUEST
3. Amount of Loan Request
(purpose of the loan)
$
4. USE OF LOAN PROCEEDS
Amount Breakdown
5. SUMMARY OF COLLATERAL
A.
Land Acquisition/Cost
$
Type of Collateral
Present Market
Present
Cost Less
Value
Mortgage Value
Depreciation
B.
Building Construction
A. Land & Building
$
$
$
C.
Building Expansion or Repair
B. Machinery & Equip.
D.
Acquisition/Repair Mach. &
C. Furn. & Fixtures
Equipment
E.
Inventory Purchase
D. Accounts Receiv.
F.
Working Capital
E. Inventory
G.
Acquisition of All or Part of
F. Other
Existing Business
H.
Payoff Existing Loan(s) or Debt
Total Collateral
$
$
$
I.
Purchase vehicles
6. PRIMARY & SECONDARY SOURCES OF REPAYMENT FOR THE LOAN
(DESCRIBE)
J.
All Other (describe)
Total Loan Request
$
Requested Term of Loan
7. PRESENT INDEBTEDNESS:
Business Debts, Contracts, Notes, and Mortgages Payable
As of: ____________________(date)
Owed to:
Original
Original
Present
Rate of
Maturity
Monthly
Security
Status (current or
Amount
Date
Balance
Interest
Date
Payment
delinquent)
$
$
$
1.
Mark with asterisk (*) those to be paid off with loan proceeds.
2.
Use additional paper if more space is needed.
Creditor: North Star Credit Union
COMMERCIAL LOAN
24 South River Street
Cook, MN 55723
APPLICATION
218-666-5940
218-666-2149 (Fax)
1. Applicant – Borrower
Form of Business
Corporation or LLC (circle)
Proprietorship
Partnership or LLP (circle)
Other
Trade Name of Borrower (if different)
Street Address
City
County
State
Zip
Telephone No. (incl. A/C)
Federal Tax ID No.
Date of Application
Number of Employees
Existing Business
New Business
At time of application_______
Purchasing Existing Business
If loan is approved _________
2. LOAN REQUEST
3. Amount of Loan Request
(purpose of the loan)
$
4. USE OF LOAN PROCEEDS
Amount Breakdown
5. SUMMARY OF COLLATERAL
A.
Land Acquisition/Cost
$
Type of Collateral
Present Market
Present
Cost Less
Value
Mortgage Value
Depreciation
B.
Building Construction
A. Land & Building
$
$
$
C.
Building Expansion or Repair
B. Machinery & Equip.
D.
Acquisition/Repair Mach. &
C. Furn. & Fixtures
Equipment
E.
Inventory Purchase
D. Accounts Receiv.
F.
Working Capital
E. Inventory
G.
Acquisition of All or Part of
F. Other
Existing Business
H.
Payoff Existing Loan(s) or Debt
Total Collateral
$
$
$
I.
Purchase vehicles
6. PRIMARY & SECONDARY SOURCES OF REPAYMENT FOR THE LOAN
(DESCRIBE)
J.
All Other (describe)
Total Loan Request
$
Requested Term of Loan
7. PRESENT INDEBTEDNESS:
Business Debts, Contracts, Notes, and Mortgages Payable
As of: ____________________(date)
Owed to:
Original
Original
Present
Rate of
Maturity
Monthly
Security
Status (current or
Amount
Date
Balance
Interest
Date
Payment
delinquent)
$
$
$
1.
Mark with asterisk (*) those to be paid off with loan proceeds.
2.
Use additional paper if more space is needed.
8. CURRENT CREDIT UNION OR BANKING REFERENCES
Name of Financial Institution and City
Account No.(s)
9. TRADE REFERENCES
Trade Supplier – Vendor
Address
Materials and Products Supplied
10. OWNERSHIP / MANAGEMENT
Owners/Shareholders, Partners, Officers
Address
Percent Ownership
11. KEY
Name
ADVISORS
Firm or Company
Address
Accountant:
Attorney:
Insurance
Agent:
12. SIGNATURES
If applicant is a proprietor or general partner, sign below:
________________________________________________________________
(signature)
(date)
________________________________________________________________
(signature)
(date)
If applicant is a corporation sign below:
(Corporate Seal)
_______________________________________________________________
(Signature)
(date)
Attested By: _________________________________________________________
Corporate Secretary
By signing above, I (we) acknowledge the information provided and contained herein is true and correct to the best of my (our) knowledge ad that are no
misrepresentations in this application or any other information or documents supplied to the Lender, under penalty of law. Also by signing this application above I
(we) authorize the Lender to verify any and all information provided and authorize all creditors and vendors listed or otherwise provided to release to the Lender any
information or documentation requested with regards to any transactions or terms with the creditors and vendors. I (we) acknowledge that this authorization grants
the Lender authority to obtain any other credit information or credit reports from any credit reporting agency on the Borrower or any partner, owner/shareholder or
guarantor of the borrower.
Additional information needed:
2 years of business tax returns
Financial statements, Balance sheets & Profit and Loss
Current Personal Financial Statement of each Partner, Owner/Shareholder
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