That question is better answered by your CPA.
What do I need to bring in when I make an appointment?
A personal financial statement, tax returns from the last 2 years, both personal & for the business. Also a CPA prepared balance sheet if possible.
What kind of rate?
Our rates are based off of the Wall Street Journal Prime Rate which currently is 3.25%. Our rates depend on the collateral you are using, and customer’s credit score.
Can I amortize loan for 20 years?
The longest term we will go is 15 years with a 3 or 5 year balloon. We do not fix rates for the entire term.
Can you use an appraisal that I already have? It was done for my last lender.
Probably not, an appraisal must be current and addressed to First Guaranty Bank.
How much will you loan on the appraised value?
80% of appraised value.
Can we use my appraiser?
The bank is required to hire the appraiser from a list of approved appraisers. We ask for bids and length of time and give the customer the choice.
How long will this process take?
It could take a week or longer. We engage the attorney and who will run an abstract. If there are no problems with the abstract, and if the appraisal has come in, it could be as little as a week.