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  #21  
Old 10-20-2009, 07:17 PM
lawncuttinfoo lawncuttinfoo is offline
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It is for a home loan.

They ended up backing off when I said I have a privacy policy with my customers and I would need to get written confirmation from each one who will be shared.

Instead they asked for copies of the deposit slips showing that my deposits were made up of a bunch of smaller checks. I guess they were concerned that I was getting a gift.
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  #22  
Old 10-21-2009, 06:57 AM
MarcSmith MarcSmith is offline
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Quote:
Originally Posted by lawncuttinfoo View Post
I guess they were concerned that I was getting a gift.
You nailed it....
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  #23  
Old 10-21-2009, 07:18 AM
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White Gardens White Gardens is offline
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Home loans and business loans are harder to come buy, and they want way more info about your employment then they ever have in the past.

I was checking into a business loan, and the loan officer wanted some financial info such as you are speaking about. He stated that there are too many other so-called business owners out there who are trying to say they have a business when they really have a hobby.

Banks have really cracked down on loans, though it be their own fault for giving out bad loans in the past and hurting the legitimate ones who now don't have a chance from all the new strict loan policies.
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  #24  
Old 10-21-2009, 08:18 AM
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mommacutz mommacutz is offline
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Quote:
Originally Posted by lawncuttinfoo View Post
It is for a home loan.

They ended up backing off when I said I have a privacy policy with my customers and I would need to get written confirmation from each one who will be shared.

Instead they asked for copies of the deposit slips showing that my deposits were made up of a bunch of smaller checks. I guess they were concerned that I was getting a gift.
That's odd. I'm a Realtor and have closed many customers that are self employed. There weren't any in the lawn care field but self employed. I have recently done a hairstylist on booth rental and she just had to show her taxes from the past 3 years (it was a bond loan). The banks are verifying them these days through the IRS.They take a average of the previous 2 years in order to obtain salary for qualifying. All was well with the income and credit so she was able to recieve her loan.

May I ask which bank is this?

May I ask what bank?
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  #25  
Old 10-21-2009, 12:04 PM
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PROCUT1 PROCUT1 is offline
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Its all up to the bank.

Your credit score has the most to do with it.

The lower your score, the more supporting information they are going to ask for.
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  #26  
Old 10-22-2009, 03:36 PM
DoetschOutdoor DoetschOutdoor is offline
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Its kinda weird that they would accept deposit slips..I could be depositing 10k/week and having 9500/week in expenses, how do deposit slips show anything? Glad to hear you got it worked out though.
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  #27  
Old 10-22-2009, 06:47 PM
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White Gardens White Gardens is offline
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Originally Posted by DoetschOutdoor View Post
Its kinda weird that they would accept deposit slips..I could be depositing 10k/week and having 9500/week in expenses, how do deposit slips show anything? Glad to hear you got it worked out though.
It shows that you are actually making the money that you have reported on your taxes rather than cooking the books.
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  #28  
Old 10-22-2009, 08:30 PM
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ted putnam ted putnam is offline
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Originally Posted by White Gardens View Post
It shows that you are actually making the money that you have reported on your taxes rather than cooking the books.
It also shows cash flow which can be tapped into by them if the shrimp hits the fan.

I have been asked for a current list of my accounts receivables a few years back when I first started. My loan officer merely glanced at it, made note of the figure at the bottom and handed it back. They've never asked for one since then and I've had several "ventures" between then and now.
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  #29  
Old 10-22-2009, 08:55 PM
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White Gardens White Gardens is offline
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Originally Posted by ted putnam View Post
It also shows cash flow which can be tapped into by them if the shrimp hits the fan.

I like that quote. Can I use it.
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  #30  
Old 10-24-2009, 02:19 PM
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MarkintheGarden MarkintheGarden is offline
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If you wanted a loan from me, I would ask as much and more.
If I wanted a loan, I would be open to full disclosure, provided the info be used solely for the purpose intended.
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