How to Verify Liabilities on Your Balance Sheet

Verifying the liabilities on your balance sheet is a crucial step in the loan application process. By presenting accurate and up-to-date information, you help to ensure a smooth and efficient ag loan application process.

You have more important things on your mind than reviewing a financial statement. To streamline your balance sheet review process, here are a few steps to take as you get started.

Confirm Verifications Against Your Balance Sheet

Your main priority should be ensuring that the verifications match your current balance sheet date. Only use current (or as recent as possible) information to give the lender you are working with an accurate picture of your financial situation so they can offer you with the best solution available for your needs.

[DOWNLOAD: Farm Finance Balance Sheet Template]

Get an Official Statement from Your Lender

To verify your liabilities, obtain a statement directly from your current lender. If you are unable to do so, you may be able to download a PDF statement or use screenshots from the lender’s online portal as an alternative way to provide the necessary information. It is important that the information contains your lender’s letterhead in order to validate the information provided.

Provide All Required Information
For each of your liabilities, verifications need to include:

• Name

• Date

• Account number

• Current balance

• Interest rate

• Payment information

If you are missing some of the above information, it could make it difficult to complete the verification step and may delay your Ag loan application process.

[Interested in applying for a land loan but not sure where to start? Click here to access our free guide, Land Loans 101: Everything Farmers Need to Know About Securing Land Financing.]

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