SBA Loan Requirements, Application, Borrowing, and PFS Form 413!

SBA Loans Explained! Requirements, Application Process, When to Borrow, and PFS Form 413!

You are about to experience an awesome Small Business Administration loan complete guide that I imagine will be really helpful for you in anything from considering needing funding for your business all the way through successfully getting one of the best business loans available.

If you will enjoy reading and contributing to the discussion for this post, will you please join us on the YouTube video above and leave a comment there because I read and respond to most comments on YouTube?

If you find anything helpful in this video or funny, will you please leave a like because you will feel great helping other people find it?

If you’re in the United States of America, which is a small business administration loan, I’ve heard from my loan advisor on funding era that you can get up to 10 year terms or standard 10 year terms of 8% interest, that means approximately $100,000 loan that would be about $8,000 in interest, and the payments might only be less than $2,000 a month for that which that’s outstanding. That’s a really good business loan, maybe even like 1500 or less, I was just off the top of my head. Let’s go in and what are we going to cover in this video? First, we’re going to begin with a look at the basics. And you might want “Okay, who are you to be telling me this,” I’ve had a business teaching online for seven and a half years, I’ve been going through the business funding process to scale my business up recently. And I’ve just went through all this process researching a whole bunch of different loans, applying for an SBA loan, only to be told my cash flow was not adequate for it.

Basically, if I’d applied like five months ago, then I’d have been in good shape. So, I’ve just done this myself as a business owner, which might be nice for you, since there’s no personal incentive in this for me to get you to use any of my stuff. This is just what I’ve learned. And I think it might be helpful for you.

Here’s what you want to know up front, you need to have an established business.

If you want a small business administration loan, from what I’ve seen, this is not something for a startup, hoping for some capital, this is for a company that’s already profitable, already making money and wants to scale up the loans.

Here’s the basics of how these work as Small Business Administration loan is from Is there a bank loan that’s guaranteed by the government, this allows the bank to take lower, if hardly any risk on their own sits as a government insured loan, and then the government basically helps the bank get the money back is how it works.

So, the first thing we’ll do in this is to cover the basics of What is an SBA loan? Do you really need it? And get into a little bit about borrowing money, I’ve borrowed money, lots of different times in my life, and I’ve consistently paid it back off, there are some critical factors you need to consider before borrowing money.

Then we’ll go through and look at these SBA format, personal form instructions.

And I will walk you through how I completed this form it took, I spent hours and hours and hours researching all this and it’s fresh in my head now.

And to me, it’s a waste of time, if I don’t get out here and teach it to you. So, I’ll go through all of what I learned, filling out this personal financial statement, which is very important to complete this.

 I’ll give you a quick look and explain my balance sheet on here about how I did that.

And the goal of this whole presentation is for you to be able to either not waste your time, like you could say I did even though I don’t view anything as a waste of time, because now I can teach this, you could easily look and say I spent six hours of time that I could have used to make money going about something that was unsuccessful, at least in the short term. And yes, I hopefully can give you the ability to maybe watch a little of this or read this blog posts as it’ll appear on my website. And then you might not need to even do that.

So, let’s take a look up front if you’re thinking about an SBA loan, and you are wondering if it’s right for you, let’s look a little more to the government website and what an SBA loan is.

The benefits of the loan are very good clear, long repayment terms, low-interest rate, then what I heard 10-year term 8% interest rate that’s really good compared to the loan offers I’m getting anywhere from 13 to 17% was one-year terms, that is a really good rate.

You also can get up to 5.5 million to fund your business. I don’t know why you’d go through this process to get $500. This is a pretty time-consuming process. Some please make sure it’s worth your money to come in in time to go through this process.

Consider how much money you could make just working versus getting a small business administration loan, please don’t fool around with $500 in loan in my opinion, this is something you want to do get the biggest loan possible at the same time, don’t ball then you need because more than you need that really adds up. But I think you really want to be looking for a big loan to make it all the time that this will take you can do things like working capital, fixed assets, here are the key eligibility requirements, you need to be a for-profit business,

you need to do business in the US you need to have invested equity,

that means they basis they expect you to put your own time or money into the business this shouldn’t be a totally afk hands-off business that you’re not involved in, you should be putting your own time or money into this business.

And it says exhaust financing options. You can’t get funds from any other financial planner; I honestly don’t know what that means. I bought I had a loan out already. I don’t know if that impacted it or not. But the basic idea of this is you want to go for a small business administration loan first.

And I that might mean you can’t I don’t know if that means you can’t borrow once you’ve taken this, but you definitely want to start with the Small Business Administration loan. In this theoretical scenario, I could go back and rewrite time, I would go immediately for a small business administration loan five months ago, because I would have been a shoo-in for it. I had great cash flow and the business was profitable, and for the last 12 months or is a very strong profit, whereas I’ve invested a lot of money to build my business up since then.

And I started off with business credit cards to do that, which was not smart at all. So the first loan you want to go for is an SBA loan you don’t want to apply for and build credit cards up and run those up even if there’s zero percent, and they don’t charge interest for a year, which is I’m like “Wow, just take these zero percent interest credit cards for a year run those up.” And then if I need more loans, I can go for it, you want to start with a small business administration loan.

The other thing you need to know up front is you will need to do a personal financial statement. And basically, this is a key factor.

If you can’t, you’ll provide a personal guarantee as far as I can see if the business goes under you are liable and the government of the USA will be reading and will be enforcing that.

This personal financial statement gets into all of your money all the cash you have on bank savings account. And here’s one very important note, if you are married filing jointly, you need to file this with your spouse.

 All of your spouse’s information needs to be included in this form, you need to file it together with your spouse, all of the cash savings accounts, liabilities all need to be added up for both you and your spouse, which especially if your marriage is not in a perfect spot or your spouse might not give you all the personal financial information, then don’t even bother with this process. Because you need to have your spouse on board. If you’re married filing jointly. To put I give you all of this stuff, preferably a full credit report with all debts on it.

You don’t want to have any surprises or anything come up on this. All real estate needs to be included here.

You even need your life insurance policies on this form. If you’ve got any, any unpaid taxes or things like that, that these loans are very competitive,

 if you are going to fail big in some of these areas, you probably don’t want to waste your time of it. If you got an unpaid tax, I’m not sure why you’d be doing SBA loan.

But anyway, notice also on here, you don’t want to go lie to anybody on an application, they make it very clear. And I would imagine, you definitely do not want to lie or embellish. Or even use nice figures on things like this,

you want to be as absolutely accurate as possible and I have all the paperwork to back it up. I’ve applied for some business credit cards, and it says last 12 months and income and sure I put the last year’s income, which was farther than 12 months back because that looked better. And I’ll admit it that’s that for me it was easier than going actually wasn’t easier. So, you do not want to do anything like that and maybe I’ll remember that and not do that again next time. You don’t want to do anything like that when you do the Small Business Administration form because this is you are applying, the government is reviewing this and if somehow you get one of these and they find out you lied or something that could you can see the penalties in here.

So this is not something to just kind of be casually done and fool around with and maybe we’ll get it and that this is something if you definitely know you want to fund, and you’ve got hours and hours to invest to get all these forms done. Get your balance sheet done, then you know that this might be a good use of your time. I’m actually trying to deter you from doing this. If you’re just kind of casual, or maybe this would be a good idea. If you’re really idealistic.

I think every I’m surprised when everything doesn’t go exactly how I imagined it. I’m actively deterring you don’t even start this process, unless you’ve got very good odds and completing it successfully.

Now let’s look at another key thing you need to know in this process that was not made clear to me up front, by my own research and even my funder advisor was not able to fish this out before we actually completed the whole application process. A huge consideration on this is your cash flow.

We’re going to show you my QuickBooks information here.

I’m going to show you my profit loss last year. So, my profit land, we’re going to give some advice based on this my profit and loss last year looks really good hundred $118,000 profit.

That is the position you want to apply for a small business administration loan in. I have not started spending a whole bunch on contract labor at this point. In fact, last year I mostly spent on advertising, and then contract labor.

You see, I made a lot of profit last year and didn’t spend much money from a cash flow point of view. That looks really good. Now here’s what happened in 2019. I saw that my cash flow was steadily declining. I made most of the money at the beginning of the year, I started playing around making music online and doing video games.

And then my revenue consistently declined, which motivated me to think about how can I create some more commercial content? How can I make a better business than I’ve ever made before? How can I help more people than I’ve helped before? And long story short, because this is already long. I ended up making an education platform on Uthena.

In order to get people to that education platform on Uthena what I do is I pay contractors to film video courses and those video courses I then make available with private label rights to my partners, On Uthena I then sell those video courses and various course bundles on my website. And this is the most profitable business I’ve ever done before.

Well, that’s all well and good. If I would have, as soon as I realized I was going to do this, if I would have immediately applied for an SBA loan, I would have been nearly certain to get one I’ve got a credit score that’s around 800. Because I’ve always repaid the debts that I’ve always paid on time.

I got as you can see; the numbers look great from last year cash flows awesome. I was in at the beginning of 2019. As soon as I had this business idea with an established business of seven and a half years, I was in a rock-solid position to apply for an SBA loan.

As you might see this often with things Jerry Banfield does, what I did instead is I thought, well, I can just apply for some zero percent interest cards with my great personal credit and my bait, great business credit, I got $30,000 of credit cards at zero percent interest.

 And I thought well, that’s enough to film several video courses. Let’s just do that. So what I’ve been doing in 2019, this is a 2019 income datum from January to May the beginning of May, I’ve spent $72,000 on contract labor.

Now if you noticed I spent a total of 22,000, in 2018. I’ve made a massive increase in contract labor, which has resulted in all these new 2019 video courses in here hundreds of hours of video courses in 2019 that I’ve created a ton of value.

These haven’t even hardly started to earn back all the value that they have. Now I’m grateful on Uthena as and YouTube. As soon as I’ve put these up, the sales have been going up consistently. Their revenue was something like 6,000 in February 8,000 in March and over 10,000 in April, and at this rate, we might be around 12 to 15,000 in May. Well, when you look at this balance sheet, though, as a potential lender, this doesn’t look very good does it minus 54,000 in 2019.

Now, this does not look like a good idea for a loan, does it? Now if you add that, so what I did is I just took these two business credit cards and ran them up. And I also got a PayPal business loan because again, like the credit cards, it was fast and easy. And I already had a credit card with Chase. And I ran that up to.

So, I accumulated $76,000 of debt in 2019 that I did not have at the beginning of 2019. I have less cash in the bank, and less and the so this is the balance sheet that I did, one of the key things you need to do is put down your business assets and your liabilities.

 So, if you look at this, this does not look very good from a lender’s point of view. Because I’ve seen a bunch of money being spent. And you can even I went through $15,000 in cash which they have a theoretical edge just not ran up so much debt, I’d have less debt, but I still took $15,000 out in cash to pay my bills, and mortgage and the student loans, etc. Out of the account. Because then what you can do if you withdraw personal cash withdraw older you can borrow money from the business. And then when income comes in, I can just take the income out for my personal payments and then when the business for and then I can borrow money for the business expenses. And then I don’t have it on my personal credit.

Basically, long story short, this is not a good way to do it. This is not a good way to do it at all, the smart way to do it would have been to immediately go for this as soon as I had this idea given I already had an established business, immediately go for the Small Business Administration loan before doing absolutely anything else. I’ve applied for so many things now my business credit doesn’t look very good. Because I’ve applied for a bunch of things, there’s been a bunch of inquiries, there’s only been that PayPal loan issued. And in fact, once that PayPal loan was issued, almost everything’s got denied since then, thus, because when businesses look at the cash flow, and they see how many other credit things that trigger this panic, like, “Okay, this guy’s rapidly expanding his credit,” then we might he might be about to just take all the money he can and declare bankruptcy. So that triggers off businesses.

So, I’ve spent 17 minutes to give you reasons not to go through and through this process. But I am going to walk through how I did all of this process. Because if you’ve been through all this,

and you’re certain, or you might have someone you know, if you’ve seen all this, I hope my experience can help you with it. Now, let’s look at how to fill out this form. And technically, this form expired people def filler. So why do I want this anyway, it’s, it looks the same as the one that I just did. So, you’ll get this is what it’ll look like I just did this for him, I don’t see any major differences on it. So, this is I recommend using something like PDF filler.

Because if you might have, if you work with Fundera, what I did to go about applying this is I’d read a bunch of posts on I sent everything to Fundera first then Fundera’s advisor recommended we look at an SBA loan, then he sent me a form to fill out like this,

but all the information doesn’t save in it. And you may need hours and hours and hours. For me like five or six hours to get all the documents together to put one thing in the format a time to go through and research every single one of these,

then you want something where you can save all the data so that for example, when you fill out all the Stocks and Bonds, you don’t lose that for some reason.

 And I would just break my heart for you to spend three hours filling this form out and then you get something like the page doesn’t load correctly, and you lose all of it. So, use PDF-filler, it saves it every time you make a change. And I don’t have an affiliate or referral code at this point. But maybe I will in the future. I just do this stuff because it’ll be useful for you. And “hey, doing a bunch of that stuff adds up good for me, doesn’t it?” So, I’ll show you how to fill out this form. I will have links in the description for these two, the most helpful things I found at work on fitsmall business, the SBA form 413.

 I went through this a lot to fill this out in Fundera also has good information. The problem with these is some of them are contradictory one form. For example, over here, one form says to go in in your and put all your loans including student loans and vehicle loans in Notes Payable to Bank and others.

And then it says to put these again in the Installment Accounts (Auto) and then it says to add up all the liabilities in this column.

Well, think about what I just said for a minute. If you put all that stuff in twice and add it up, your debt will be added up twice. So I had to make my own kind of realization that if there’s an installment account for auto, then any auto loans, I don’t have any go there, and then installment account for other,

then you put all the student loans or personal loans in that one, then you do credit cards up here in this one. Also, I did not realize up front, I needed to do everything with my spouse, I literally filled almost this whole form out before realizing that. So, I mentioned it up front. So, you don’t have to do the same thing. You see, see how that works. So, thank you for sticking with me here for just 20 minutes of this.

Let’s go in and look at how to fill this out. And you can always refer to these written guides. And I’m making this into a post also. So first, the as update, you might think this is straightforward to just put today’s date on it. But what the standard is for this is you go through and put at the end of last month, that is the standard way of doing it. So for me, I was applying in May 2019, the standard way to do it was to put April 30th, 2019,

then I pull all my bank statements, credit card statements, just everything, the life insurance policies, taxes from previous years, you pull all that stuff up for the month of April, and then you make it current as of April the end of the month.

That way, you’ve got documentation to verify everything you’ve put up on here,

if for example, you make some significant transactions up or down in your cash, and you try and date it on an exact date, but then you don’t have a statement that matches that month, then it might not all add up.

And with these loans are competitive, you want everything to be super easy and add up because the bank’s going to be looking at this and even though these loans are guaranteed by the government, the bank still wants and the government wants as few problems as possible. So, I imagine if I was them, I’d be looking for a regularity’s, poor math, any signs of someone is doing something halfway.

And an easy sign of that is just not putting the date on there. And then if you are all your documentation is request and you don’t have any bank statement that matches what you put on the form, that could potentially be a concern. And it’s also a way to standardize everything, you put them as update for the last day of the previous month, then you go through and collect all your official bank statements, credit cards, mortgage, you collect all that stuff from that month, then you’ve got statements with the exact numbers that you’ve submitted. And then it’s super easy and what I did when I started this office, I just started looking at my bank account balance on hand that day, and then that screws everything up if you do it that way in terms of having documentation.

So on this page now that I’ve covered the date you obviously put your name home address business phone, I obviously recommend the best phone number you’ve got and best address you’ve got

 and read the instructions on the form that it gives you and you can check these on here as well.

If you are wondering at this is another important thing “who actually needs to complete´ this if this is just like me this is just my sole proprietor business just me but if you’re married then you need to provide this with you see it says here if you’re required to provide this form, your spouse must be included. If you file a joint tax return it says this doesn’t mean your spot guaranteed on the loan, but it lets you know you have a joint agreement unless you’ve got a prenup.

Now, were you smart enough to get a prenup? Probably not. So, don’t worry about that. If you’re not doing the business by yourself, if you’re a partner a partnership, that means each partner I’m a partnership needs to fill it out. Now, this could get really involved. if let’s say you’ve got to two people that are then both married, you might end up both people might need to have everything from both relationships and do these own forms. If you got an LLC with like three or more people, then he needed H-managing member of the LLC on there. If you got owners with 20% more in the business, then you might all need to do it. And if anyone is providing a guarantee on the loan, then they might need to do it.

So, if you think in this form looks bad to just do yourself, then you can really have a good time if you need like eight people to do this thing. So, when you need which paperwork also. So how do you calculate all the things I’m about to show you, you need to check things and savings account statements.

If you’ve got IRAs 401 K’s a retirement account, you need those if you got life insurance, now only get a life insurance statement once a year.

And apparently, I forgot that we even did this I’ve got a half million- dollar policy. So, if I trip and fall on the street and get run over by a car, then my family will get half a million dollars, and they won’t have me around anymore. I’d be sad when it. Stocks bonds and other investments you’ve got showing the current value. Therefore, you need to do the standardized statement day. That way, you can grab all these statements, you should have all the statements for the previous month, you can just use the statements instead of trying to go figure out each of these values itself. If you’re employed, you’ll need a pay stub with your salary.

If you get 1099, and then she didn’t have any expenses. So, I included her income on there as the salary. Now if you’ve got statements, anything like this, you need that or if you have mortgage statements on loan statements, credit card statements, you need all this stuff. Before you start 26 minutes still telling you probably might not even want to do this.

But if you’re willing to go through and do all of it, you might be able to get a really good loan and save much more than 15% on car insurance. So let’s go back this is a has updated, this is exactly where I got as of date,

If you’re married, you need to put your what you need to put your spouse’s name on there. So now we’re going to go let’s go and look through some more of these.

Now they’ve got that done. Now they split up cash in on handed in banks in his savings account. Now if you got like 10 brands in the house or something, I don’t know that you really need to put that on there.

Now think about it. If you’re like paranoid enough that you’re not keeping it in a bank in the first place, I actually had was going to put like $1000 or $2000 in cash, because I try and keep some cash on hand, I probably all let me show you my wallet, I got like 400, my wallet or something like that. And then I just keep a little bit of cash around the house just in case like $100 in a drawer here, give my daughter $20 bills to play with I was actually going to put that on the statement. Just use your bank statements and put your extra cash in here. And if you got like $100,000 in cash that’s not in the bank, you are you can put that SBA form anyway, probably not. So, you go through you put your it splits up your checking and your savings accounts, which is great because when I first did the form, I didn’t split them up. So, then you got to do that split those up, then the retirement accounts, I’ll warn you ahead of time, these might suck.

You see this says stocks and bonds over here.

Now let’s go over and look at this. It says Describe in Section 5. Now if it says describing section five, that means you’re going to need to elaborate significantly on this.

So, you’ve got four things that say describe it in Section five, and then stocks and bonds have section three. So first, Section three, let’s look at stocks and bonds. Now if you’ve got an account with a whole bunch of different things, then you literally may need to do an entire page with all the different numbers of shares, the securities, all that good stuff on an additional document.

Now, if you didn’t think this is enough, would you like to provide a page of all of that, I just summarize these on here. And I don’t know if that’s the right way to do it. If you could get away with it, Laura had four different types of things in her investment account. So, I just summarized like 15 different stocks because the total value was like $10,000. Now files claiming like a million dollars in stocks, and I had 100 different ones, I’d probably want to list each individually. But I figured like $10,000, I’m not going to go through and do an attachment with every stock on it.

Now I’m really glad I didn’t do that since the loan advisor says there’s no point in finishing this process anyway after I did this form. So, keep that in mind ahead of time, if you’re looking to do this now, look how small this is. Do you see how many things up here? I ought to title this SBA form critique, SBA form roast, you see how these looks at these.

There’s other personal property that includes your cars, other assets, accounts and those receivables. And then there’s Iran other retirement accounts. Now well, if I’m loaded, you can give me like four lines to put this in here.

And theoretically, this is where if your business has an established value, or some kind of fair market value, then you’re supposed to for your business in here.

 Now, if you can’t fit all this in here, then you might need to do an attachment. So, if you’ve got all these things to report on here, you need to verify and put an attachment another page to show and explain the value of all these different things. What I had in here was just my exact cars with their makes and models and value.

 I was surprised that almost $30,000 in cars, I paid like 60,000 for them. And it’s nice, I still have 30,000 and no loans. So, I’m grateful. As I got all these other loans all have any car loans, that’s good. I paid my whole car loan off. It was 6% interest. I paid 28-$29,000 on and off ahead of time, I’m like, Yeah, I got this cash in the bank, I’ll pay that car off. It’s so bad. It’s so good, right? It’s just seen the hate on my FL Studio tutorial.

So, we’re going through all these assets. So, what you’re going to do is you go through all these assets, you need to list all of these in other sections,

At first, I wasn’t going to put that but again, this is this is a government form, they got these big, nice little warnings down at the bottom of it, just put the just put the current value of it and look, you can go find the real estate website that has the highest value if you want to, and put that on there.

But when you do that, when you do that you’ve got verification that some third party agrees with you, I wouldn’t just stick your own idea of how much your house is worth. In here, especially if it’s significantly different from what any third-party website well, prior, what I did is I just googled my address, and found the one that was the highest there was $30,000, or more than 10% of deviation between them.

So, I literally just stuck the highest one in here, you get all your mortgage name and all that good stuff in here. And if you got more than three properties, you got to put another attachment on that’s what you want to do is you have a 15-page form of these.

Once you get done with that, then you get into section one source of income. Now if you’re a self-employed sole proprietor business owner, like me, you don’t get a salary, you don’t get in that investment income and you don’t have any real estate besides your house, then you need to describe your other income below.

So, I just put my previous year’s profit in the income below.

Then, if you’ve got a spouse and they have a salary, you can put that on here or like my Laura’s got her own 1099. And then she doesn’t have any expenses for her business. So, I just put that in there for her salary. Since that incomes all reported on those tax forms on our taxes to the IRS, you obviously also need your previous at least a year if not more than a year tax form.

So, we’ve went over I’ve passed over a lot of this, I’ll go into it and painfully more detail.

So now the liabilities, he’s got your accounts payable.

Now most of us are not going to have accounts payable thing. But if you’ve got like a store card or something that’s not specifically a credit card, then you might have an account payable according to the instructions in here.

 So you can always just be asked over something, you can always read these forms that I’ve linked to also, for example, you can include your child support a pension or other income in here, you can put your interest in savings and stuff on stocks and bonds or recurring if you’ve got investment income, you can, you can always look at this form of final uncovers something fully.

Now in this one though, if you’ve got notes payable to banks and others, this is where you put all your credit cards and things like that.

And now if you’ve got a fixed installment account over here that appears on your credit report, like an auto loan, a boat loan, or jet loan, he put that over on here. And then you put the payments, you total all these up in the installment accounts, the input all your other friends, personal loans, student loans, you can put those on here. So, the credit cards go in this one

And unless it counts as an account payable, then you put the installment loans in here,

if you’ve got any loans against your whole life insurance, you can put that here, the mortgages on the real estate go in here, then you probably don’t want to have unpaid taxes for this, but they can go in there, then if you’ve got any other liabilities, you can put them there.

While you do after that is just add all these up, which is why there shouldn’t be any duplicates in there, then you put your net worth, you subtract your assets from your liabilities. Hopefully, you’ve got a positive net worth here.

When I put my business value in there it was plus like $100 and something thousand when I took that out was minus at least $110,000. When it uses it, you might think well, why do you need to tell your liabilities in net worth in here, that way, they just have the same number, someone can take a calculator and go down and add everything up here and make sure it adds up. So this number should be the same here. Because when you subtract your total liabilities from your total assets, you’ll get your net worth, then when you add your total liabilities back to your net worth, you’ll get it back over here again, it’s kind of like a little check on it.

And then if you’ve got, I don’t even know about these contingent liabilities, I don’t have any one of those. So, I don’t know about that. In Section two, if you’ve got credit cards, you can put the name it says name and address the holder but there’s a real small amount of space, you can abbreviate, I just put the bank name and the credit card.

And since it was filing jointly, the name of rather it was me or Laura on it, because they are certainly going to pull a credit report and look at all this stuff for themselves do you just want it to match whatever it says on the credit report.

Thus, if you’ve got a credit card, the original balance is probably zero, then the current balances I saw on the instructions in here it said their current balance can be zero if you pay your balance in full every month don’t retain a balance,

I put that whatever the latest credit report balance set on it and the minimum payment and the monthly frequency. And if it’s a credit card is probably unsecured, I talked a little about stocks and bonds already, you might be able to get away if you’ve got like a Vanguard account or some kind of a trading e trade account, you might be able to get away with just sticking the account name in there.

And the whole value of it. If it’s smaller, I doubt you’d be able to get away with it if it’s like over $10,000. But you might be since there’s only three, four spots, you can put these you might be able to just put your account name, and it depends on what your loan processor is going to do.

But that’s what I tried to do on here, but it didn’t matter. Ideally, you could put every one of these individually and submit an attachment, the details, the number of shares, securities costs, market value and all that on there. That’d be the ideal way to do it as you can see, sometimes I just I don’t do stuff the ideal way and it’s fine. I still get great results most the time, except when I decided how to do my own business finances. I other people other personal property assets.

 This is where you put all this stuff as we talked about from up here. You need to put all your IRAs, their retirement accounts, all your accounts and receivables all your personal property and all your assets in this one little box. Fortunately for me, it was pretty easy to put all that in there. Hopefully, you just put none and unpaid taxes and liabilities, then you’re just to the life insurance you need to face amount.

So you got the face amount or the death benefit. And then the cash surrender value the policy that means if you can’t, if you’ve got whole life insurance if you just have term life insurance that has no surrender value,

that’s basically like auto insurance, they’re just taking your money. And if anything happens, then they might give you something back. The whole life policies work different and those if you cancel the policy, they have what’s called a surrender value like mine’s like something like $1400, if I cancel my whole life policy, I actually get $1400 dollars back from that. So that’s what the cash surrender value is, and then the name of the insurance company and beneficiaries.

Finally, you need to sign and date your social. So hopefully you fill this form out in a way that you can just copy and paste it if some of your lenders using something like DocuSign. Or if you need to do this and print this out, this is a good way you can save it, print it or you can even make this as a PDF directly from PDF filler is really powerful.

If you got more questions, you’ve got much better advice. And whenever I’ve given you here, I hope this is complementary to all the stuff I’ve got on here. So, all these long forms have lots more information about how to do all this. I’ve given you these key things for me when I did it on here.

Thank you very much for reading this, I love you. You’re awesome. I hope I’m certain at this point, I’ve done my best to tell you all the key things I learned about this process to empower you to have an easier time doing this than I did.

Now if you’ve made it to the very end, you really like to contact me, I recommend go to and contact me using the contact Jerry Banfield contact that’s the best way contact me directly is to use whatever options you have on this page.

So many people I’m grateful following me online that this is this contact page is the only consistent, reliable way to get ahold of me and reach me if you want.

If you have questions about any of the links, just check the description. We got all that in there.

I love you. You’re awesome.


Jerry Banfield.