Establishing A Business Line Of Credit (LOC)

[Eric Gamble]

I am currently in an underwriting process for a business line of credit.  The business development manager (BDM) I am working with is the intermediary between me (the business I am a member and manager of) and the underwriter/underwriting team.

A few of the communications from my BDM have seemed a bit fuzzy (not clear).  So, I want to address most if not all potential issues as early as possible.  I explain the business structure and ownership models below:

Company A - Georgia based LLC doing business in GA, NC, and OR
  50.01% Owner/Member #1 (a Georgia Corporation [Company B], since 2008, IP sold in 2018 and corporate name change)
  24.95% Owner/Member #2 (me in NC)
  24.95% Owner/Member #3 (GP in OR)

  * All documentation pertaining to the LLC (Company A) has been submitted

  * 50.01% owner of LLC identified as principal for LOC processing
    - the person behind the GA corporation, credit score 800+, personal asset 3MM+

  * Have sent in the following information on Company B (the GA corporation):
    - Article of Incorporation
    - Bylaws
    - All State Filings since 2008
    - Is an S-Corp, the CEO is the owner
    - ??? Should it be clear that the CEO/owner of Company B controls Company A (the LLC), because he is the signatory for Company B ???

Post by the following BP contributors have given me a little insight:
@DonKonipol, @WilliamBaptist, and @RaphaelC