Commercial Loan Application - North Star Credit Union
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1
2Creditor: North Star Credit Union
COMMERCIAL LOAN
24 South River Street
Cook, MN 55723
APPLICATION
218-666-5940
218-666-2149 (Fax)
1. Applicant – Borrower
Form of Business
Corporation or LLC (circle)
Proprietorship
Partnership or LLP (circle)
Other
Trade Name of Borrower (if different)
Street Address
City
County
State
Zip
Telephone No. (incl. A/C)
Federal Tax ID No.
Date of Application
Number of Employees
Existing Business
New Business
At time of application_______
Purchasing Existing Business
If loan is approved _________
2. LOAN REQUEST
3. Amount of Loan Request
(purpose of the loan)
$
4. USE OF LOAN PROCEEDS
Amount Breakdown
5. SUMMARY OF COLLATERAL
A.
Land Acquisition/Cost
$
Type of Collateral
Present Market
Present
Cost Less
Value
Mortgage Value
Depreciation
B.
Building Construction
A. Land & Building
$
$
$
C.
Building Expansion or Repair
B. Machinery & Equip.
D.
Acquisition/Repair Mach. &
C. Furn. & Fixtures
Equipment
E.
Inventory Purchase
D. Accounts Receiv.
F.
Working Capital
E. Inventory
G.
Acquisition of All or Part of
F. Other
Existing Business
H.
Payoff Existing Loan(s) or Debt
Total Collateral
$
$
$
I.
Purchase vehicles
6. PRIMARY & SECONDARY SOURCES OF REPAYMENT FOR THE LOAN
(DESCRIBE)
J.
All Other (describe)
Total Loan Request
$
Requested Term of Loan
7. PRESENT INDEBTEDNESS:
Business Debts, Contracts, Notes, and Mortgages Payable
As of: ____________________(date)
Owed to:
Original
Original
Present
Rate of
Maturity
Monthly
Security
Status (current or
Amount
Date
Balance
Interest
Date
Payment
delinquent)
$
$
$
1.
Mark with asterisk (*) those to be paid off with loan proceeds.
2.
Use additional paper if more space is needed.
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Parent category: Business