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Kind of Application for Personal Guaranty

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Question: 
When we have a Commercial Loan we do not require a application. If we are use a personal guaranty do we need to use a consumer application or do we need a special commercial application?
Answer: 

For guarantors on commercial loans, most banks simply obtain a financial statement on the bank's form (which often has authorization language to order a credit report) or a signed and dated financial statement by the proposed guarantor's accountant. The bank can then analyze the financial condition and determine if the guarantor is acceptable.

First published on BankersOnline.com 6/13/11

First published on 06/13/2011

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