The quick read: A personal financial statement for a commercial loan lists everything you own and owe as an individual: cash, securities, retirement accounts, real estate, business interests and other assets on one side; mortgages, notes, unpaid taxes and other debts on the other; plus your income and every contingent liability, especially guaranties you have signed for other loans. You sign it, the lender verifies it, and the net-worth and liquidity tests in the credit decision are computed from it.
Public template: SBA Form 413, Personal Financial Statement (form edition 05-24, OMB approval expires 08/31/2027)
Who signs Form 413 for 7(a), 504 and surety bonds: each proprietor, general partner, LLC managing member, each owner of 20% or more, and any guarantor (SBA Form 413)
SBA lender rule: a personal financial statement from every individual guarantor, dated within 90 days of loan approval (SBA SOP 50 10 8.1, effective October 1, 2026)
Fannie Mae multifamily: signed financial statements dated within 15 months of the Commitment Date (Multifamily Guide Part I, Section 305, effective 09/28/2026)
Freddie Mac multifamily: certified financial statements dated within six months of delivery of the full underwriting package (Seller/Servicer Guide Chapter 55, Guide Bulletin Update 08/25/26)
This page covers the form itself. For the dollar tests lenders run on it, see how much liquidity and net worth commercial lenders require.
What goes on a personal financial statement for a commercial loan?
A personal financial statement for a commercial loan carries a balance sheet of your personal assets and liabilities, a net worth line, your sources of income, your contingent liabilities, and supporting schedules for notes, securities, real estate and other assets. SBA Form 413 is the public template, and its layout maps what most lenders expect.
The SBA form's asset column lists cash on hand and in banks, savings accounts, IRA or other retirement accounts, accounts and notes receivable, life insurance (cash surrender value only), stocks and bonds, real estate, automobiles, other personal property and other assets. The liability column lists accounts payable, notes payable to banks and others, installment accounts, loans against life insurance, mortgages on real estate, unpaid taxes and other liabilities. Net worth is total assets minus total liabilities.
Below the balance sheet, Section 1 asks for income by source: salary, net investment income, real estate income and other income. Beside it sits a contingent liabilities block: amounts you owe as an endorser or co-maker, legal claims and judgments, provision for federal income tax, and other special debt. Sections 2 through 8 are schedules: notes payable (with original balance, current balance, payment and collateral), stocks and bonds, real estate owned, other personal property, unpaid taxes, other liabilities and life insurance held.
Fannie Mae's multifamily guide describes the same content in lender terms. Part I, Section 305 requires lenders to collect a list of all other assets, including notes receivable from related entities, with an estimate of market value for each and the basis for that estimate, plus all liabilities and contingent liabilities, including lines and letters of credit, personal guaranties, unmet obligations to partnerships and other future obligations with their amount and timing.
Who has to sign a personal financial statement?
Anyone whose personal credit stands behind the loan has to sign one: on an SBA loan that means each proprietor, general partner, LLC managing member, owner of 20% or more and any guarantor, while agency multifamily lenders collect statements from the borrower and its key principals. Spouses are handled by specific rules, not by default.
SBA Form 413 states that for 7(a) loans, 504 loans and surety bonds, the form is completed for each proprietor, general partner, LLC managing member, each owner of 20% or more of the applicant's equity (including the assets of the owner's spouse and any minor children), and any person providing a guaranty on the loan. The SBA's form page, effective February 13, 2025, lists 7(a), 504, disaster loans, surety bond guarantees, the Women-Owned Small Business certification and the 8(a) program as the programs that use it.
SOP 50 10 8.1 adds the lender's side. The SBA lender must obtain a personal financial statement from all individuals guaranteeing the loan except Supplemental Guarantors, and non-owner spouses are not required to sign the personal financial statement, though they sign the relevant collateral documents. The form's own certification block is completed by each person submitting information and by the spouse of any 20% or more owner when spousal assets are included.
Outside SBA, Fannie Mae requires signed financial statements from all parties relevant to the mortgage loan, and Freddie Mac's Chapter 55 requires them from the borrower and every key borrower principal that is not a newly formed entity, certified on its Form 1112. Banks set their own list, usually tied to who signs a personal guaranty.
How does each lender type verify or discount each section?
Each lender type verifies the sections that drive its decision and discounts what it cannot readily turn into cash: liquid accounts are checked against bank or brokerage statements, debts against a credit report, real estate against an independent value source, and contingent liabilities against everything else you have guaranteed. The table maps sections to the public rules we found.
Table: Personal financial statement sections by lender type (framework from dated public sources, not a ranking)
| Section | Bank (OCC Comptroller's Handbook, CRE Lending, Version 2.0) | SBA 7(a) and 504 (Form 413; SOP 50 10 8.1, eff. Oct 1, 2026) | Agency multifamily key principal (Fannie Mae Guide eff. 09/28/2026; Freddie Mac Ch. 55, update 08/25/26) | CMBS or bridge carve-out guarantor |
|---|---|---|---|---|
| Cash and securities | Bank should obtain income, liquidity, cash flow and contingent liability information on borrowers and guarantors | Listed on Form 413 with a schedule of stocks and bonds; dated within 90 days of loan approval | Fannie small loans: verify liquid assets with bank and investment statements for the 3 months before application; Freddie (first-time, limited-experience and rapid-growth sponsors): verified liquidity from bank or brokerage statements dated within 60 days of package delivery | Set by each lender's term sheet; no dated public standard found |
| Retirement accounts | No public discount rule in the handbook | Listed as its own line (IRA or other retirement account) | Fannie small loans: exclude retirement funds such as IRAs and 401Ks from liquidity unless the lender has reasonable justification | Set by each lender; no dated public standard found |
| Real estate equity | Collateral and guarantor analysis per bank policy | Section 4 lists each parcel; lender must document a source other than the personal financial statement for any equity determination on personal real estate | Fannie: market value estimate for each asset with its basis; schedule of owned real estate for small loans | Set by each lender |
| Business interests and notes receivable | Global cash flow can integrate business statements, tax returns and K-1s | Accounts and notes receivable described in Section 5 | Fannie: notes receivable from related entities must be listed; small loans exclude promissory notes payable to the borrower or a key principal from liquidity unless justified | Set by each lender |
| Liabilities | Debts feed global cash flow, including personal debt payments | Notes, installment debt, mortgages, unpaid taxes each scheduled | Freddie: credit report must verify debts listed on the financial statement | Set by each lender |
| Contingent liabilities and guaranties | Consider the total number and amount of guarantees extended to all lenders | Endorser or co-maker, legal claims and judgments, other special debt | Fannie and Freddie: personal guaranties, lines and letters of credit, partnership obligations, with amount and timing | Set by each lender; no dated public standard found |
| Income | Recurring cash flows, realistic personal debt payments, taxes and living expenses | Salary, net investment income, real estate income, other income | Freddie may require federal tax returns for the three most recent taxable years | Set by each lender |
Read the table as a map of where scrutiny lands, not as a list of thresholds. The dollar tests themselves, such as minimum net worth and post-closing liquidity, are set per program and per term sheet.
Why do contingent liabilities matter so much on the form?
Contingent liabilities matter because a guaranty you signed on another loan is a claim on the same cash and net worth you are pledging to the new lender, and lenders size their exposure to you by adding those claims up. A statement that omits guaranties overstates your capacity and is the first thing a careful underwriter looks for.
The OCC's handbook is explicit: the assessment of a guarantor should consider the total number and amount of guarantees currently extended to all lenders, to judge whether the guarantor can cover the contingent claims that exist. It also says global cash-flow analysis should be done even when a guarantor holds significant liquid assets, because those assets may be needed to fund other actual or contingent liabilities.
That is why Fannie Mae and Freddie Mac both name personal guaranties, lines and letters of credit, and obligations to partnerships on their lists, with amount and timing or duration. A completion guaranty on a construction loan, a carve-out guaranty on a non-recourse loan and a full repayment guaranty all belong on the statement, described plainly, even if you consider the risk remote.
How current does the statement have to be?
How current the statement has to be depends on the program: SBA's lender rule is 90 days from loan approval for guarantor statements, Freddie Mac's multifamily guide uses six months from package delivery, and Fannie Mae's uses 15 months from the Commitment Date. Banks set their own dating rules, and loan covenants typically require updates.
There is a wrinkle on the SBA side. The header of Form 413 says the information must be current within 120 days of submission for 7(a) and 504 loans, while SOP 50 10 8.1 requires the lender to obtain guarantor statements dated within 90 days of loan approval, and its 7(a) submission checklist asks for owner statements signed and dated within 90 days of submission to SBA. Plan to the tighter 90-day rules and date your statement close to the submission.
Freddie Mac's liquidity verification, which applies to first-time, limited-multifamily-experience and rapid-growth sponsors, runs on its own clock: bank or brokerage statements dated within 60 days of delivery of the full underwriting package, either showing a 12-month average balance or covering the three most recent consecutive months. The OCC handbook notes that loan documents typically include covenants requiring periodic financial reporting, so the statement you sign at closing is rarely the last one.
Why must it reconcile with your schedule of real estate owned?
Your personal financial statement must reconcile with your schedule of real estate owned because the lender reads them together: the real estate line and the mortgages line on the statement are totals of the schedule's property values and loan balances. When the two documents disagree, the underwriter stops trusting both and asks for support on every number.
SBA Form 413 builds the schedule into the statement as Section 4, Real Estate Owned, asking for each parcel's type, address, purchase date, original cost, present market value, mortgage holder, mortgage balance, payment and loan status. Fannie Mae's small-loan section requires both a schedule of owned real estate and signed financial statements, and its guidance says a multi-asset borrower's schedule should be underwritten for each asset's cash flows, mortgage debt and contingent liabilities.
The SBA rule on personal real estate shows how lenders treat self-reported values: when deciding whether a residence or investment property has enough equity to take as collateral, the lender must document a source other than the personal financial statement. Expect your stated values to be tested against appraisals, assessments or comparable sales. A companion guide on the schedule of real estate owned covers its columns in detail.
What does a lender actually do with the numbers?
A lender turns your stated figures into adjusted ones: it verifies liquid accounts with statements, checks debts on a credit report, discounts or excludes assets that cannot be readily turned into cash, and adds contingent claims back in. The adjusted net worth and liquidity, not the totals you wrote down, are what the credit memo compares to the program's requirements.
Fannie Mae's Section 305 says lenders must determine appropriate adjustments to the reported net worth and liquidity of the sponsor and each key principal or guarantor, and weigh other factors that could affect a party's position during the loan term, including known threats of lawsuits. For first-time, limited-multifamily-experience and rapid-growth sponsors, Freddie Mac's Chapter 55 requires verified liquidity equal to the lesser of the amount reported on the certified statement or twice the minimum liquidity stated in the quote, and says verified liquidity is the basis of any liquidity determination.
Here is an illustrative example, with hypothetical figures, of how a stated balance sheet can shrink:
Stated cash and brokerage accounts: $900,000
Stated retirement accounts: $600,000
Lender-adjusted liquidity if retirement funds are excluded, as Fannie Mae's small-loan guidance directs absent justification: $900,000
Brokerage balance verified on statements: $820,000, so the file carries $820,000 and the gap needs an explanation
Guaranty on a partner's construction loan, omitted from the statement and found on the credit report: the underwriter now re-reads every line
Each lender applies its own discounts, so the same statement can produce different adjusted numbers at a bank, an SBA lender and an agency lender. You can check where your file stands before you submit with the deal readiness check.
Ready to put your personal financial statement in front of lenders?
You are ready to put your personal financial statement in front of lenders when it is signed, dated close to submission, ties to your schedule of real estate owned, lists every guaranty you have signed, and comes with the bank and brokerage statements that prove its liquid assets. A clean, reconciled package moves faster through every lender type.
YieldStack is a commercial mortgage brokerage, not a lender. It costs Zero upfront to submit a deal and review offers; YieldStack's broker fee is 0.50–1.00% of the loan amount and is paid only at closing. Every credit decision is made by the lender; YieldStack arranges the introductions and negotiates on the borrower's side, and no loan, rate, or closing is guaranteed. Submit your deal with your financial statement package, and the brokerage will match it against 20,000+ loan programs.
The bottom line
A personal financial statement for a commercial loan lists your personal assets, liabilities, income and contingent liabilities, signed by every owner and guarantor the lender names. SBA Form 413 is the public template. Lenders verify liquid assets with statements, test real estate values independently, add up your guaranties, and decide on the adjusted numbers, so reconcile it with your schedule of real estate owned before you submit.