Complete Guide to Business Loans
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Complete Guide to Business Loans

Learn how the business lending process works, including what types of information lenders are looking at and why!
5.0 (4 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
43 students enrolled
Created by Jonathan Patrick
Last updated 4/2016
Current price: $10 Original price: $20 Discount: 50% off
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  • 1.5 hours on-demand video
  • 1 Article
  • 13 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • better understand the business lending process
  • know how to calculate the key ratios lenders look at
  • be better prepared to negotiate favorable terms and rates
View Curriculum
  • Something to take notes with (i.e. paper/pen, Evernote, etc.)
  • If possible, have any financial reports on your company handy (i.e. Profit/Loss statement, Balance sheet, tax returns, etc.)
  • Have a calculator handy

*Note - this material is also available in my paid course, "The Ultimate Guide to Funding a Business", along with more information.

Not every business needs capital to grow. But to those that do, the process can be intimidating. And not understanding how business lending works can cost you energy, money, and time.

Here's the good news. As someone that has been involved in over $500,000,000 worth of business loans I know the process inside and out. And I am going to teach you!

No more frustration from being turned down over and over!

In this course I will take you through the various technical aspects of how business loans work.

I'll guide you through over 30 video lessons (with accompanying written explanations) detailing an inside look into the types of information lenders ask for and why they ask for it.

In a few hours you will know as much as most lenders! Imagine how much easier that will make your next business loans application feel!

Who is the target audience?
  • business owners
  • Chief Financial Officers
  • Chief Executive Officers
  • Mortgage brokers
  • Commercial real estate brokers
  • Loan brokers
  • entrepreneurs
  • startups
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Curriculum For This Course
35 Lectures
3 Lectures 02:38

Business owner and/or startup looking to fund your company's growth through business loans? Then this course is for you. By the end of our time together you will know exactly how lender's evaluate loan requests and how to negotiate the best rate and terms.

Preview 00:39

A bit about me. See additional resource link to a brief bio on my personal website.

Preview 00:58

This lesson explains how I intend to deliver the material. In short, mostly via lecture format. However, be on the lookout for additional resources after each lesson. Particularly, sections where I lay out the key take-aways.

Also, I intentionally kept the video length for most of the lectures very short. The fact is that I could have just as intentionally rambled on to make my course seem longer, and thereby perhaps more important. But I have spent years boiling this material down to the basics and only wanted to take enough of your time needed to get you the information you need.

That's also why I have shared handouts for most lectures that reiterate the material and allow you to download them.

Lastly, since 80% of the loan approval is financially driven, make sure to spend a large part of your time on this course by using the Business Loan worksheet in Lecture 17. In fact, once you have completed this I highly recommend you save it and share with lenders you speak with.

Good luck!

Preview 01:01
Course material
31 Lectures 01:16:28

Defining some of the key acronyms and terms I will be using in this course.

Lesson #4 - Definitions
2 pages

Every loan request has a reason behind it. Lenders call this the loan purpose. i.e. What is the loan for? Your loan purpose will drive literally your entire conversation with lenders.

Preview 02:17

Too many borrowers apply for business loans with any and ever lender you can find. We call this a shotgun approach. Its a mistake to apply for business loans this way. Be more targeted with your efforts.

Lesson #6 - Shotgunning deals

Every lender has an "appetite" for certain types of loans. Make sure that lenders you approach are used to giving loans to businesses like yours.

Lesson #7 - Appetite

A lender's loan portfolio, and its performance, can affect their likelihood to approve your loan.

Lesson #8 - Portfolios

What industries are easiest to get business loans for? The ones with the best historical performance.

Preview 01:48

What percentage of loans do lenders expect to lose

Lesson #10 - Loss ratios

First of three quizzes for the course. No pressure!

Quiz #1
5 questions

How long does it take to get a business loan

Preview 02:33

What documents are needed to apply for a business loan?

Lesson #12 - Documentation needed

How do banks decide to approve business loans

Lesson #13 - Global underwriting

How do lenders grade loans

Preview 02:50

How do banks get paid back for business loans

Lesson #15 - Sources of repayment

How do credit scores effect business loans

Lesson #16 - Credit scores

The attached workbook was designed to walk you through the process of analyzing your financial position in the way a lender would, including calculating the "Big Three" for you. Just plug in the appropriate numbers in the fields and the spreadsheet will run the calculations for you.

If you run into any questions please add them in the course directly so that other students will benefit from the answer(s) as well.

Lesson #17 - The Big Three

How do banks calculate cash flow

Lesson #18 - Add backs

Do backs prefer secured or unsecured loans

Lesson #19 - Unsecured vs secured

What collateral do banks require

Lesson #20 - Collateral

Testing your knowledge of subject matter covered in lessons 11-20

Quiz 2
5 questions

Do business loans require guarantees

Preview 02:54

How long can a business loan be for

Preview 01:55

How are business loan payments calculated

Lesson #23 - Amortization

How are business loan rates determined

Lesson #24 - Rates

Do business loans have maximum and minimum rates

Lesson #25 - Floors/Ceilings

How can I get a loan rate discount

Lesson #26 - Getting a discount on your rate

How can I get a business loan for investment property

Preview 02:41

How do SBA loans work

Lesson #28 - SBA

How do lenders show they have approved my loan

Lesson #29 - Term sheets vs commitment letters

Can I pay off business loans early

Lesson #30 - Prepayment penalties

Quiz on lessons 21-30

Quiz 3
5 questions

What restrictions do business loans have

Lesson #31 - Covenants

What are the costs for business loans

Lesson #32 - Closing costs

I was declined for a business loan. What now

Preview 02:25

Final word
Bonus offer
1 Lecture 00:22
Bonus offer - my course "What investors look for in startups" FREE!
About the Instructor
Jonathan Patrick
4.2 Average rating
42 Reviews
2,162 Students
4 Courses
Launch and grow the business of your dreams!

I am crazy passionate about helping people launch and grow the business of their dreams. More specifically I advise companies and entrepreneurs by focusing on the ways culture, innovation, and strategy can impact their businesses.

In hopes we can learn more about each other, here are a few things that define me:

  • Proud husband and father
  • Have helped entrepreneurs raise over $500,000,000 in capital between both debt and equity facilities
  • Founder of 3 startups. Each named “first-mover” in their respective industries 
  • Helped multiple companies improve their sales and net profit by 10x factors
  • C-level executive in the banking industry
  • Recognized as the top lending executive in my industry in 2014
  • Recognized for innovation in the banking industry for my Feasible Funding software solution
  • Led the top Small Business Administration (SBA) lender in my state for 3 consecutive years
  • Marketing degree and have run the Marketing Department for a 230MM organization
  • Regular pitch competition judge and incubator mentor
  • Board member for the Fairview Technology Incubator
  • Board member to one of the first healthcare co-ops in the United States
  • Board member to the second largest credit agency in the United States
  • Former professional mixed martial artist (MMA) and undefeated in my weight class
  • 1996 Point Fighting Karate Champion
  • Trained in Brazilian Jiu-Jitsu under the Gracie family
  • Have coached multiple people through massive weight loss (50+ pounds)