Commercial Capital Worldwide Funding General Submission Guidelines
The following are comprehensive guidelines for the submission of deals to the bank for funding.
Application Submittal Check List (Ideal Submission)
• The Bank’s Administrative Form
• Six months of ALL merchant processing statements, including AMEX
• Send 12 months of statements for seasonal businesses.
• Three most recent bank statements with all pages
• Merchant Processing Application
• Voided business check
• Merchants driver’s license
• Business license
Additional Underwriting Information
Commercial capital Worldwide funding, Inc., will be reviewing all corporations and partnerships to determine who should sign the funding agreement and other documents. We will require you and the merchant to provide us complete and accurate information as to whom within the organization should be signing. It is best to get all information for all owners or partners to us on Administrative Form at the very beginning of submission process.
Proof of ownership sometimes is not clear when we compare the Administrative Form with business credit information gathered from report agencies. The bank will require documents be submitted by the merchant when there is lack of clarity.
It is absolutely critical that the bank gets as much accurate landlord or mortgage company contact information as possible. Try to get all landlines, cell phone numbers and fax numbers as humanly possible. The bank may request a copy of the owner’s purchase and sale agreement if the owner purchased the business in past year. The bank does this because we are seeing a number of merchants facing balloon payments to the person they purchased the business from, or in some cases their landlords or banks financier. This usually happens YEARS AFTER the actual purchase of the business. These balloon payments can effectively put the merchant out of business and we need to know about them.
Basic qualifications:
1. Must Accept Credit Cards
2. Minimum monthly credit card volume of $ 2,500.00
3. Must be willing to work with the bank’s primary credit card processor
4. Merchant must batch out a minimum of 10 days per month, 15 more is preferred
5. Must have a commercial checking account for their business
6. Business must be in active operation – not closed
7. Business must have a lease with a term that is twice as long as the estimated time of the cash advance contract
8. Business should not be more than two months behind in rent or mortgage payments and in good standing with landlord or mortgage provider
9. Must be in operation for at least nine months, EXCEPT restaurants
10. Must have a valid business license
11. Corporations, an LLP or LLC are preferred
12. Must be in accepted business category (see lists below)
13. Guarantor cannot have an open bankruptcy
14. Business must not have irresolvable tax liens – best if payment plan in affect
15. Business must not have judgments that could impair operations
16. Prefer business owners with personal FICO score above 500
17. Must have acceptable bank references (few NSF’s or bounced checks)
18. Businesses will be evaluated for geographic and seasonal concerns
The following are comprehensive guidelines for the submission of deals to the bank for funding.
Application Submittal Check List (Ideal Submission)
• The Bank’s Administrative Form
• Six months of ALL merchant processing statements, including AMEX
• Send 12 months of statements for seasonal businesses.
• Three most recent bank statements with all pages
• Merchant Processing Application
• Voided business check
• Merchants driver’s license
• Business license
Additional Underwriting Information
Commercial capital Worldwide funding, Inc., will be reviewing all corporations and partnerships to determine who should sign the funding agreement and other documents. We will require you and the merchant to provide us complete and accurate information as to whom within the organization should be signing. It is best to get all information for all owners or partners to us on Administrative Form at the very beginning of submission process.
Proof of ownership sometimes is not clear when we compare the Administrative Form with business credit information gathered from report agencies. The bank will require documents be submitted by the merchant when there is lack of clarity.
It is absolutely critical that the bank gets as much accurate landlord or mortgage company contact information as possible. Try to get all landlines, cell phone numbers and fax numbers as humanly possible. The bank may request a copy of the owner’s purchase and sale agreement if the owner purchased the business in past year. The bank does this because we are seeing a number of merchants facing balloon payments to the person they purchased the business from, or in some cases their landlords or banks financier. This usually happens YEARS AFTER the actual purchase of the business. These balloon payments can effectively put the merchant out of business and we need to know about them.
Basic qualifications:
1. Must Accept Credit Cards
2. Minimum monthly credit card volume of $ 2,500.00
3. Must be willing to work with the bank’s primary credit card processor
4. Merchant must batch out a minimum of 10 days per month, 15 more is preferred
5. Must have a commercial checking account for their business
6. Business must be in active operation – not closed
7. Business must have a lease with a term that is twice as long as the estimated time of the cash advance contract
8. Business should not be more than two months behind in rent or mortgage payments and in good standing with landlord or mortgage provider
9. Must be in operation for at least nine months, EXCEPT restaurants
10. Must have a valid business license
11. Corporations, an LLP or LLC are preferred
12. Must be in accepted business category (see lists below)
13. Guarantor cannot have an open bankruptcy
14. Business must not have irresolvable tax liens – best if payment plan in affect
15. Business must not have judgments that could impair operations
16. Prefer business owners with personal FICO score above 500
17. Must have acceptable bank references (few NSF’s or bounced checks)
18. Businesses will be evaluated for geographic and seasonal concerns
