FAQs

North Coast Business Lending, LLC. (NCBL) is a collaboration between five credit unions in 25 Ohio counties.  As a CUSO – a Credit Union Service Organization – our company acts as the originator and servicer of commercial loans for our five credit union partners.

NCBL’s professional and experienced team will be your resource and point of contact as you discuss your business idea or specific commercial loan request.  Once you provide your financial information, we will underwrite your loan request. If your request is approved, NCBL will document, close, and service your loan. In the case of a real estate purchase loan, we will work with your local title company in order to arrange and facilitate your loan closing.

During the term of your loan, our team is also available to answer any questions, and as a resource for your future borrowing needs.

It would depend on the specific nature of your request, but minimum requirements are typically:

• A completed, signed, dated Personal Financial Statement
• The most recent two years of filed Federal income tax returns (all the pages) for any individual borrower(s)
• If a business entity (corporation, LLC, partnership) is included on a Borrower’s Schedule E, we require the most recent two years of filed Federal Income tax returns for each global entity
• Signed, dated Purchase Agreement for real estate purchase
• Signed, dated Equipment Invoice for equipment purchase (including a year/make/model and/or equipment description)
• Maximum Offer Price for a prequalification request

NCBL utilizes Risk Based Pricing. Very simply, that means that a borrower’s interest rate is lower when the objective risks of the transaction (related to cash flow, collateral, and credit history) are lower; and higher if the risks of the transaction are higher. In order to assess those factors, we need to gather and analyze information. Our process is very efficient, but if you are looking for an immediate or specific rate, we can generally tell you (based on information you provide) if your request is realistic; and whether proceeding with underwriting is advisable.

You and your company/business are eligible to borrow from NCBL if you are able to establish membership, or are a current member of, one of our five credit union partners.  The parameters for membership can be found on each credit union’s website, but generally require that a borrower (or an immediate family member) live, work, worship, or attend school in the credit union’s field of membership – typically defined by county.  Credit union membership needs to be established before an NCBL approved loan can be closed.

Each NCBL borrower is mailed a monthly payment statement. You can make your monthly payment by US Mail, in person at our Monroeville location, at any member Credit Union (as a shared banking transaction), or by setting up a recurring payment with your depository institution. Please contact our NCBL office at 419-465-2091 with any specific questions.

No, unlike many of our competitors, NCBL loans are made without any penalty for pre-payment.  We want our borrowers to continue their lending relationship with us because they want to, not because they have to.

Once we have a complete underwriting packet, our underwriting to approval process is typically 5-7 business days. We underwrite in the order received, based on a complete packet of information.  More complex deals with multiple borrowing entities will require more extensive underwriting and we may have questions for you during that process.

Our Personal Financial Statement (PFS) is available on the NCBL website and is the first step in your NCBL application process. The PFS must be completed by each individual borrower, and should be signed, dated, and current at the time of application.  Please be sure to answer all the check-box questions.

A PFS should accurately disclose the borrowers’ current values for any assets (things you OWN), and liabilities (things you OWE).  The amounts should be accurate current values for your assets; and the TOTAL amounts owed (NOT the monthly payment) for your liabilities.

If you have any debt that would NOT be reported on your personal credit report (business debt for example), please provide additional detail, including the amount owed, the name of the Creditor, and the monthly payment.

We do not utilize a minimum score requirement; but we do ask that any borrower be current on all debt obligations; and that a reasonable explanation be provided in writing for any prior past due credit notations.

NCBL offers secured term loans and real estate loans for business purposes.  Our typical borrowers include those purchasing equipment, investment properties (1-4 family or larger), commercial real estate, agricultural acreage, and mixed-use properties.  Other specialty requests may be considered as well.  As a reminder, loans secured by a borrower’s primary residence are NOT eligible.

We define a commercial loan as a loan where proceeds will be used for business purposes.  The collateral for a commercial loan would be anything OTHER THAN your owner-occupied primary residence or personal vehicle.  Loans secured by a borrower’s primary residence are NOT eligible.