Usually less than people expect. For most proposals a lender wants to identify the business and the people behind it, see some evidence of trading, and see details of the asset and the supplier. Recent business bank statements, proof of ID and address, and a supplier invoice or proforma will cover a large number of cases.
Commonly requested:
- Proof of identity and address for the directors, owners or partners
- Recent business bank statements
- Details of the asset — make, model, age, condition, and the supplier’s invoice
or quotation
- Company details, or your Unique Taxpayer Reference if you are a sole trader
Larger facilities, or cases where the numbers need explaining, may also need filed or management accounts, VAT returns, or a short summary of how the asset will be used and paid for.
If there has been adverse credit, supporting context helps — an explanation of what happened and evidence that it has been dealt with can make the difference between a decline and a considered look. What each lender asks for varies, and they may request more during underwriting.