Understand the business
Amir Fetanat reviews ownership, industry, operating history and the stability of revenue. The right starting point differs for a sole proprietor, a contractor and an incorporated owner.
Build the income picture
Depending on the lender, a review may use personal tax filings, corporate financial statements, business bank statements and supporting contracts. Eligible add-backs and ownership rules vary by program.
Compare the full cost
Alternative-documentation options may require more equity or carry higher rates and fees. If a temporary solution makes sense, discuss how and when you could qualify for another lender.
A useful starting checklist
- Personal tax returns and notices of assessment
- Business registration and ownership information
- Corporate financials, if incorporated
- Business bank statements and contracts when requested