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Startup founders: when buying property, were you required to show your startup's tax returns?
I'm buying multi-family apartments. One of the lenders is asking for our c-corp's tax returns. But technically, I'm an employee of a c-corp even if a majority shareholder. So then how on earth does the business tax returns come into play here?
Some lenders have said "well we need to know if the business is stable so you can pay back the loan." So then do they also look at the tax returns of the business that employs every lendee?
This depended on the % of the business you own. If you own more than 25% of the business and you are using the income to qualify you’ll need to provide them(other stipulations my apply depending on the overall situation)
Income from the business? What if you just pay yourself a salary?
If you are using profit distributions or dividends as qualifying income for the investment, then that is why. If you are only using your W-2, my guess is they would not need to see it.
Was asked that same thing today and had no idea why that was needed if you show a continued period of stable income
Yes - Tax returns + I also had to provide a balance sheet as well. I remember pulling out an Accounting 101 book at the time and having fun with it. It was literally just a "box check" for them I think.
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