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Verification Of Deposit

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Icon Mini Profile tatejrchaz





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Post Posted: Sun Oct 14, 2007 7:12 am    Post subject: Verification Of Deposit
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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?
Icon Mini Profile livinginnky
livinginnky
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Post Posted: Sun Oct 14, 2007 2:15 pm    Post subject:
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Deposit the money and wait 30-60 days.
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Eric Matthews

Mortgage Refinance and Home Loan Guide
tatejrchaz@hotmail.com

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Post Posted: Sun Oct 14, 2007 3:15 pm    Post subject: Verification Of Deposit
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Thank you very much however, we have not raised that kind of capitol.We did negotiate $400,000 of the purchase price.
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Post Posted: Mon Oct 15, 2007 10:57 am    Post subject:
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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.
Jonny

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Post Posted: Tue Oct 16, 2007 6:17 am    Post subject:
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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.
Icon Mini Profile willisaddo
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Post Posted: Tue Oct 16, 2007 9:37 pm    Post subject:
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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.
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