The commercial asset form adds the business, its owners and its guarantors to the asset and the loan.
Start one
Go to the Applications tab.
Select New Application.
Choose Commercial asset as the Application Type.
The form opens with the lender panel on the right.
What the form asks for
Work down the form in this order:
Asset - the same as a consumer deal. Several assets on one application is common here: add each one, or clone an asset that repeats - see Search for an asset by VIN, rego or BIN
Loan details - deposit, trade-in, any payout, term in months, balloon, brokerage and origination fee
Business - found by ABN search, which fills in the ABN, ACN, GST registration, time in business, entity type, names and status. You add the annual turnover - see Search ABN and ASIC details
Guarantors - the directors, brought in by the ASIC extract, and any beneficial owners the lender wants - see Add guarantors and beneficial owners
Other Documents - anything the lender asks for that Financeable doesn't pull in - see Upload supporting documents
Each guarantor needs the same personal details as a consumer applicant - residency, address history, living arrangements, dependants, assets and liabilities.
Checks to run
Run the ASIC extract on the business first - it brings in the directors as guarantors - see Search ABN and ASIC details.
Then get signed privacy consent from the business and each guarantor - see Send privacy consent - before you run:
A credit check on the business - see Run a company credit check
A credit check on each guarantor - see Run an individual credit check
A PPSR check on each asset - see Run a PPSR check
Bank statements, where the lender asks for them - see Review bank statements
ID verification, where the lender asks for it - see Complete ID and privacy verification
Before you submit
Commercial deals don't use the Customer disclosure document.
Check the lender's required fields before you submit, guarantor by guarantor - see Required fields in an application.