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Sep 28, 2017 - 34 minute read

Can personal guarantee be enforceable for business loan

Pre-approval : Certificate of Pre-Approval issued by the Office of Loan Programs that states a borrowers credit, assets and income have been verified and the applicant qualifies for a Program loan at a specified amount and interest rate. At the time of pre-approval, the specified initial interest rate is not locked-in and is therefore subject to change prior to the issuance of a loan commitment letter.

The initial interest rate will be the Program rate in effect at the time a loan commitment is issued. Preliminary Disclosures : A generic term referring to a group of disclosure forms required by Federal law to be sent to a loan applicant.

The forms include a Loan Estimate Disclosure, Fair Lending Notice, and a California Credit Disclosure. Prepaid Interest: Mortgage interest that is paid from the date of the funding to the end of that calendar month.

Primary Residence: A dwelling where can personal guarantee be enforceable for business loan actually lives and is considered as the legal residence for income tax purposes. Principal: The amount of debt, exclusive of interest, remaining on a loan.

Can personal guarantee be enforceable for business loan

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Can personal guarantee be enforceable for business loan

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REPRESENTATIVE EXAMPLE. If you borrowed 2,000 over a 12 month period and the loan had a 3 arrangement fee (60), your monthly repayments would be 189.

Can personal guarantee be enforceable for business loan
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