Borrower frequently asked questions

Borrower FAQ

 

Frequently Asked Questions for Borrowers

What is Approval Pathway?
A:  Approval Pathway is built for established small and medium-size businesses who need commercial lending of $100K - $5M+. Whether you're scaling up, buying new assets, or managing cash flow, we make it faster and easier to get a business loan.
How does it help me get approved faster?
A:  Lenders receive a lot of applications, where most are lacking necessary documentation, so even good applications face the risk of getting lost in the email inbox. Approval Pathway extracts key financial information and provides the lender with a summary of your application, making it easier and quicker for them to decide if your application is right for them or not. We've found that this helps get applications to the top of the pile and will be looked at sooner than the mess of emails that come in. Even if the lender decide it's not for them, at least you don't have to wait weeks for a decline or get no response at all.
There are plenty of lenders available, and there's very likely someone out there who will lend you money. The challenge is to get in front of them and have them review your application, which is exactly what Approval Pathway is build to help you with.
Who are the lenders on the platform?
A: We partner with community banks and credit unions, as well as a number of private lenders, all across the US and Canada. If you have a lender that you already work with, you can send them a share-link and if they happen to be one of our partners they will get full access to your application right away. If they're not yet partners, they can quickly register and access your uploaded files.
Can I use my broker to submit an application?
A:  Absolutely! Brokers can use Approval Pathway to submit applications on your behalf.
Is my personal and financial information secure?
A:  Yes, we use bank-grade encryption and follow strict privacy laws like PIPEDA to protect your data. We're also in the process of getting our SOC 2 compliance, to show that we take security and privacy seriously.
What types of loans can I apply for?
A:  You can apply for a range of commercial loans, depending on the country your business is primarily located in; if you're looking for a mortgage for your Canadian subsidiary, you'll likely want to work with a Canadian lender and vice-versa.

In Canada we currently support:
  1. Commercial Mortgage
  2. Construction Loan (new company)
  3. Take-out Loan
  4. Working Capital Solutions
In the United States we currently support:
  1. Commercial Loan
  2. Revenue-Based Financing
  3. Working Capital Solutions
If you're looking for something else, you can always select the "Other" option and describe your need.
How much does it cost to use Approval Pathway?
A:  The cost is $199 per application. Start your application here: https://app.approvalpathway.com/apply/index.html
What do I need to get started?
A:  Once you're told us how much you need and what type of loan you're interested in, we'll guide you the rest of the way. Depending on the loan type, some documents will be required and others will be optional. You will need to upload all required documents before you can submit the application, but we encourage you to upload as many of the optional documents as you can as it helps build a better story of your business. 
If lenders will need additional documents before being able to make a decision, you will be notified via email and you can go back into Approval Pathway to upload the requested documents. Remember that one application can be used for multiple lenders, so it's worth putting in a bit more effort to get your full story across
What happens if my loan application is declined?
A:  If you applied directly to your lender, and they have declined your application, you will get the option to share your application with the rest of our network of verified lenders. Just because your application didn't fit every criteria for your existing lender, it doesn't mean that other lenders will not be interested. 
To re-share your application with our lender network, log into your Approval Pathway account and click the "Resubmit to network" button on your application
Why should I use Approval Pathway instead of emailing my lender directly?
A:  Approval Pathway provides a secure place for you to share your documents, while at the same time extracting and summarizing your financials. The extracted financials and summary will present a your application in an easy to read format, which will increase your changes of having your application properly reviewed and not just rejected. You also get the opportunity to share your application with our network of verified lenders, which may result in a better deal from someone else.
 
Have a question not on the list? Reach out and we'll get you an answer right away!











    • Related Articles

    • Lender FAQ

      Frequently Asked Questions for Lenders What is Approval Pathway? A: Approval Pathway is redefining commercial lending for community-based lenders. Our intake and AI-powered underwriting platform simplifies workflows and accelerates decisions, so ...