Pub. 8 2018-2019 Issue 6

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S May • June 2019 9 2. Unclear information provided at the onset of the application – It’s import- ant that our loan production team has clear information regarding owner- ship, project uses, debt refinance and affiliates. If any of this information is inaccurate or not fully identified, then we will run into roadblocks, which delay the project timeline. 3. Changing project amount, ownership structure, business location, etc. – Making project updates can impact the approval process. We advise sending the most complete package so we can avoid making too many changes, al- lowing for a quicker turnaround time. 4. Lacking a fully developed business con- cept andfinancial projections for startup or expansionprojects–This goesback to point #3. By providing a complete loan package up front, we can ensure project submission in a timely manner. 5. Inaccurate disclosure of application questions – This includes details such as credit issues (like tax liens or bank- ruptcies) or agreements the borrower may have with a third party. From the outset, it’s important that this infor- mation is disclosed on the application. 6. Collateral doesn’t appraise for estimat- ed amount – This may be out of one’s control, but it can impact timing. 7. Occasional delay in receiving or veri- fying tax transcripts – Unfortunately, this one is out of our hands and will be identified by the IRS. However, return- ing the 4506-T form early in the pro- cess may help us avoid potential delays. 8. Construction bids, and pulling per- mits and leases – Financing these can add time to the project and impact project costs. We can help your bank get involved in SBA 504 lending, please don’t hesitate to reach out! We treat all projects equally; regardless of whether the loan amount is big or small, we will give you our un- divided attention to ensure that you are supported every step of the way.  Visit www.coloradolendingsource. org for more details or email Lau- ren Kloock: lauren@coloradolend- ingsource.org or 303.657.0010. CSI KNOWS GROWTH MATTERS. www.csiweb.com/growthmatters At CSI, our robust solutions provide the stability, security and scale you need to grow. We’ll help you be bigger—and better—than you already are. COBkr-LAYOUT-0518.indd 1 5/11/18 3:11 PM