HOW TO APPLY FOR A LOAN

Once you’ve filled out the credit application and personal financial statement, it’s time to compile the attachments needed as we complete the underwriting on your insurance agency loan request. For a detailed list of necessary attachments for an Allstate agency loan Click Here and for a detailed list of items needed for an Independent agency loan Click Here.

As soon as we receive your application with all the necessary attachments, your loan will be underwritten in as little as one business day. If any questions arise during the underwriting process, you will be contacted by telephone and/or email. Prior to formal approval, we typically submit an estimate of what we believe we’ll be able to offer you in a final loan product. The interest rate, any fees and overall loan term will be disclosed at this time. Upon your approval of these terms we will submit for formal loan approval. Once approved, we will notify you by telephone and/or in writing, and the approval will be memorialized with a formal commitment letter. After you sign the commitment letter, we’ll send final loan closing documents to you electronically via DocuSign, where you can simply tap as prompted on your mobile device or click where prompted on your computer and fully execute your loan documents in minutes. Finally, on your loan’s closing date, your loan proceeds will be disbursed via electronic funds transfer before the close of business on the loan’s closing date. Congratulations, you’re done!

Attachments needed for an Allstate agency credit application.

From the Loan Applicant

• Fully completed and signed Credit Application (only accepted on the Capital Resources form)
• Fully completed and signed Personal Financial Statement(s) (only accepted on the Capital Resources form)
• A current resume/bio for applicant(s) (Please include work history with cities and dates, insurance licenses held, and insurance industry honors.)
• Last 3 years of Personal tax returns of applicant(s) with all supporting schedules. FEDERAL ONLY

If Applicant owns an Allstate Agency now

• Last 3 years of Agency tax returns with all supporting schedules. FEDERAL ONLY (If the most recent December year-end tax return is not yet filed, a December year-end)
• Profit & Loss statement for the agency/agencies currently owned is required. (Current year-to-date Profit & Loss statement of agency/agencies currently owned)
• The following Allstate reports:
  • Current Termination Payment Statement (TPP)
  • Year-to-date Business Metrics Report
  • Last 3 years of December year-ending Business Metric Reports
  • Year-to-date Commission Payment Notification (CPN)
  • Last 3 years of December year-ending Commission Payment Notifications(CPN)

From the Agency Seller (For Acquisition Loans Only)

• Last 3 years of Agency tax returns with all supporting schedules. FEDERAL ONLY (If the most recent December year-end tax return is not yet filed, a December year-end)
• Profit & Loss statement for the agency/agencies currently owned is required. (Current year-to-date Profit & Loss statement of agency/agencies currently owned.)
• The following Allstate reports:
  • Current Termination Payment Statement (TPP)
  • Year-to-date Business Metrics Report
  • Last 3 years of December year-ending Business Metric Reports
  • Year-to-date Commission Payment Notification (CPN)
  • Last 3 years of December year-ending Commission Payment Notifications (CPN)

Attachments needed for an independent agency credit application:

From the Loan Applicant

• This completed Credit Application and signature of party authorizing loan request.
• Provide the most recent 3 years federal income tax returns of selling/and or borrowing entity.
• Provide the most recent 3 years financial statements (balance sheet and profit and loss) and most recent year to date balance sheet and profit and loss statements for selling/and or borrowing entity.
• Articles of Organization/Incorporation and Operating Agreement/By-laws for entity Borrower.
• For everyone with 5% or more ownership in borrowing entity, complete a personal financial statement and joint or individual personal status for EACH (refers to all individuals with 5% or more ownership in entity) forms A and B.
• Provide the most recent 3 years federal income tax returns of everyone with 5% or more ownership in entity.
• Current resume with dates and cities of employment for everyone with 5% or more ownership in borrowing entity; please highlight industry experience.

Provide the most recent 12 months commission reports, by carrier, for any/all agencies in question.

Attachments needed for a financial advisor credit application:

From the Loan Applicant

• This completed Credit Application and signature of party authorizing loan request.
• Fully completed and signed Personal Financial Statement
• A current FINRA Broker Check report
• Two forms of ID from applicant(s)
• Last 3 Years of Personal and Corporate tax returns of applicant(s) Federal Only
• Provide the most recent 3 years financial statements (balance sheet and profit and loss) and most recent year to date balance sheet and profit and loss statements for selling/and or borrowing entity.
• Articles of Organization/Incorporation for firm(s) currently owned.
• Operating Agreement/By-Laws for firm(s) currently owned.
• Agreements with Broker/Dealer(s) for firm(s) currently owned.
• Top ten(10) Client List by AUM for firm(s) currently owned.
• AUM Summary
• For everyone with 5% or more ownership in borrowing entity, complete a personal financial statement and joint or individual personal status for EACH (refers to all individuals with 5% or more ownership in entity) forms A and B.

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