Bank References

Bank references should be obtained routinely during the credit investigation.  the primary checking account should be considered most significant.  Audited statements may substitute for bank reference if necessary.

On transactions $25,000 or below, it is at the underwriter's discretion whether a bank reference is needed.

The following are guidelines for a satisfactory bank reference:

1. Primary business checking account balance should average a low-4 figures or higher.
2. The checking account should be a commercial account; however in some instances due to the structure of the business, a personal checking account may be acceptable.
3. If the business checking account does not meet the low 4-figure balance requirement, other accounts can be considered.
4. All loan information should be obtained wherever possible.
5. All borrowing relationships must be handled in a satisfactory manner with limited slowness.