letters of explanation like they do for mortgages? we have some slow pays to vendors but nothing beyond 60 days and it's just one vendor. will we be aksed to write a letter on this or do they not really focus on business credit report items as much as business financials?
I've never had a commercial lender ask for something like this. My experience has been that they tend to focus heavily on business financials.
ok...thanks....we're working on submitting more packages to two more banks...btw...Wells Fargo has STILL yet to get back to us on the denied renewal on our business line......we're now trying to see if these other banks will term out the loan for us along with offering us a smaller line of credit of $50,000. we'll see what happens....was just curious as to whether or not they'd ask for copies of bills, statements, checks, checking statements like they do for mortgages....Wells didn't but they're our current bank.
why would it take a few weeks to go thru underwriting? our wells fargo guy did it in a day? both banks are telling us we won't have an answer for a few weeks?
Any time you go to a new lender you can expect the process to take at least 30 days if not more before you get a response. Banks move like snails these days...
