You’ve made the decision to start, expand, or acquire an insurance agency, now what? The lending experience can be a confusing one, especially for first-time borrowers. Capital Resources strives to reduce the overwhelming nature of the lending experience by educating all borrowers on the overall process, and breaking it down into easy-to-follow steps.


Choosing a Lender

After you’ve made the decision to make the investment into your future, you now need to determine which lender is right for you. When it comes to finding the right lender, many head straight for the bank. Unfortunately, banks are often held captive to their own products, and have a limited knowledge of the insurance industry. This means that they often won’t offer unbiased lending advice and have a restricted variety of lending products available.

Capital Resources, on the other hand, offers a variety of loans to prospective borrowers, and is able to tailor loans to directly meet your needs. Due to 80 years of combined experience, we have a deep understanding of the insurance industry, and are committed to offering borrowers the best products available.


 Determining Which Loan is Right for You

Capital Resources knows that choosing the right loan is both incredibly important and at times overwhelming. To help with loan selection, we have loan specialists on hand who know the insurance industry intimately, and can walk you through each product to help you find the loan that will best help you achieve your professional goals. A few additional ways you can help yourself expedite the loan selection process include:

  • Determining your specific professional goals
  • Familiarizing yourself with loan terminology
  • Researching different types of loans


Application Process

The first step in the lending process is completing an application. This may be done online or on paper. To help streamline the application process, it is best to have all necessary paperwork prepared ahead of time. Paperwork that you will need for the loan application may include:

  • 3 years of personal and agency taxes
  • 3 years of commission reports
  • All financial information about possible acquisitions
  • Statements of cash flow for the agency


Approval Process

During the approval process, your loan application will enter into the underwriting period. Your FICO score and overall credit, business assets, income, and other required determinants will be reviewed and checked to make sure they are in compliance. During this time, you may be asked to provide additional information. If this should occur, be as timely as possible to help the approval process move quickly.


Closing Process

After your loan has been approved, you will close on the loan. Loan documents as well as any purchase contracts will be signed and funds will be released shortly after all paperwork is executed.


Capital Resources is committed to the success of each of our customers. If you have any questions about our lending products or services, or even the lending process, please contact one of our loan specialists.