Garrett Pierson

Articles by Garrett Pierson

A labeled document organizer on a desk with tabbed folders for tax returns, bank statements, and a personal financial statement

Business Lending

10 Documents Needed for a Business Loan (2026 Guide)

The 10 documents lenders require for a business loan — personal financial statement, tax returns, bank statements, and the SBA forms — plus how to prep each.

18 min read

Three index cards on a desk labeled current, long-term, and contingent, each above a stack of handwritten liability notes

Personal Finance

7 Types of Liabilities and Where Each One Is Reported

The 7 types of liabilities — current, long-term, contingent, secured, unsecured, joint, and tax — and exactly where each one lands on a personal financial statement.

16 min read

Five side-by-side net worth statements on a desk showing different asset mixes and net worth totals

Personal Finance

Net Worth Statement Examples: 5 Worked Scenarios

Five net worth statement examples with real numbers: W-2 earner, business owner, real estate investor, retiree, and SBA borrower, plus what a lender reads first.

16 min read

A two-column worksheet listing personal assets on the left and liabilities on the right with a net worth total

Personal Finance

List of Assets and Liabilities: 50+ Examples for Your PFS

A complete list of assets and liabilities with 50+ examples, organized the way lenders read them on a personal financial statement.

13 min read

A yellow legal pad on a walnut desk with a short handwritten qualifications checklist, three items checked, beside a mid-rise commercial building through the window

Commercial Real Estate

Commercial Real Estate Loan Qualifications (2026)

Commercial real estate loan qualifications come down to DSCR, LTV, debt yield, and your personal balance sheet. Here is exactly what lenders check.

19 min read

Three descending stacked cards on a desk labeled bank 50 percent, CDC-SBA 40 percent, and you 10 percent, showing the SBA 504 capital stack, with a blurred commercial building elevation drawing behind in warm daylight

SBA Lending

SBA 504 Loan for Commercial Real Estate: The Structure

How an SBA 504 loan finances owner-occupied commercial real estate: the 50-40-10 two-loan stack, the fixed-rate CDC debenture, 25-year terms, and why it beats a 7(a).

16 min read

A walnut desk holding an architectural elevation drawing of a two-story commercial building, a handwritten checklist card with three items checked off, and brass rulers in warm window light

SBA Lending

SBA 504 Loan Requirements in 2026: A Borrower's Checklist

SBA 504 loan requirements for 2026: the 50-40-10 structure, the 51% occupancy rule, the job-creation test that changed, and the Form 413 every owner files.

20 min read

A wooden desk with a document headed SBA Loan Programs, a pen, reading glasses, and a small model building in soft daylight

SBA Lending

What Is an SBA Loan? Programs, Rates, and Documents

An SBA loan is a small-business loan the government partly guarantees. Here are the 7(a), 504, and microloan programs, 2026 rates, and the documents you prepare.

15 min read

A small apartment building and an owner-occupied storefront side by side, with an SBA eligibility checklist marking the storefront as qualifying

SBA Lending

Can You Get an SBA Loan for a Rental Property?

SBA 7(a) and 504 loans can't finance a passive rental property; the owner-occupancy rule blocks it. Here's what qualifies and the DSCR alternative.

17 min read

An open notebook headed PROS and CONS beside a scale model of a mid-rise multifamily rental building on a sunlit desk

Commercial Real Estate

DSCR Loan Pros and Cons: An Honest 2026 Breakdown

DSCR loan pros and cons for investors: qualify on rent instead of income and skip the 10-property cap, but pay 20–25% down, a higher rate, and a prepay penalty.

15 min read

A rental-purchase worksheet showing 20 percent and 25 percent down-payment bars beside a calculator reading 80 percent LTV, a house key, and a pen on a light-wood desk

Commercial Real Estate

DSCR Loan Down Payment: How Much You Really Need (2026)

A DSCR loan down payment usually runs 20–25% (75–80% LTV), but your DSCR ratio, credit score, and property type move it. Here's the 2026 breakdown.

17 min read

An open notebook showing the hand-written formula DSCR equals rent divided by PITIA with a worked 1.25x example, beside a calculator reading 1.25, a brass key, and a ruler on a light-wood desk, with a red-brick duplex rental visible through the window

Commercial Real Estate

DSCR Loans for Investment Property: How They Work

A DSCR loan for investment property qualifies on the rental's cash flow instead of your income — so you can scale past the conventional 10-property wall. Here's how.

14 min read

A one-page document headed Personal Guarantee on a desk with a fountain pen resting on the blank signature line beside a brass house key

Business Lending

What Is a Personal Guarantee on a Business Loan?

A personal guarantee makes you repay a business loan from your own assets if the company defaults. Here is who signs, what it binds, and how to limit it.

16 min read

A stack of financial documents topped by a Statement of Net Worth cover page, a pen, and reading glasses on a desk

Personal Finance

How to Complete a New York Statement of Net Worth

The New York Statement of Net Worth is the sworn financial disclosure every divorcing spouse files under DRL 236. Here is how to complete it right.

14 min read

A commercial-property purchase worksheet with 10% and 25% down-payment bars beside a small building model on a walnut desk

SBA Lending

SBA Loan Down Payment Requirements: 7(a) and 504 in 2026

SBA loan down payment rules in 2026: the 10% equity injection on 7(a) startups and buyouts, the 504 50/40/10 split, and which funds actually count.

16 min read

A commercial loan term sheet on a wooden desk labeled Term, Amortization, LTV, and DSCR, with a pen and ruler and a brick building through the window

Commercial Real Estate

Commercial Real Estate Loan Terms Explained (2026)

Commercial real estate loan terms cover term length, amortization, LTV, DSCR, recourse, and rate. Here is what each one means before you sign.

17 min read

An open laptop with a spreadsheet on screen beside a printed personal financial statement and a pen on a wooden desk

Personal Finance

Does Excel Have a Personal Financial Statement Template?

Excel's built-in gallery has budget and net worth templates, but no lender-style personal financial statement. Here is what to download instead.

9 min read

A one-page net worth statement on a desk showing an assets column, a liabilities column, and a net worth total at the bottom

Personal Finance

What Is a Net Worth Statement? Definition and Uses

A net worth statement lists what you own minus what you owe on one dated page. Here's what goes on it, who asks for it, and how it differs from a PFS.

14 min read

A yellow legal-pad eligibility checklist with hand-drawn checkmarks on a walnut desk beside a laptop and folders

SBA Lending

SBA 7(a) Loan Requirements in 2026: A Borrower's Checklist

SBA 7(a) loan requirements changed in 2026: SOP 50 10 8 eligibility, equity injection, credit, collateral, citizenship, and the Form 413 every owner files.

18 min read

A clipboard comparing SBA 7(a) and 504 loan figures in two columns, in front of a two-story brick commercial building

SBA Lending

SBA 7(a) vs. 504 Loan: How to Choose in 2026

SBA 7(a) vs. 504 loan, compared for 2026: structure, rates, down payment, fees, and eligible uses, plus which program fits owner-occupied real estate.

16 min read

A property-analysis worksheet listing gross rent, vacancy, expenses, and NOI beside a calculator and pencil on a desk, with a multifamily apartment building visible through the window

Commercial Real Estate

How to Calculate DSCR (Formula, Examples, Max Loan)

How to calculate DSCR step by step: build NOI, total your annual debt service, divide, and reverse the formula to find the maximum loan your property supports.

12 min read

An open notebook on a wooden desk showing the handwritten formula DSCR equals rent divided by payment with a worked example, beside a pencil, ruler, and brass house key, with a blurred two-story rental house through the window

Commercial Real Estate

What Is a DSCR Loan? How Rental Income Qualifies You

A DSCR loan qualifies you on your rental property's cash flow, not your personal income or tax returns. Here is how the ratio works and what lenders want.

12 min read

A one-page personal financial statement on a desk beside a brass house key, an open notebook, a fountain pen, and coffee

Personal Finance

Personal Financial Statement for First-Time Homebuyers

A personal financial statement helps first-time homebuyers size up net worth, DTI, and cash to close before a lender ever opens the application.

14 min read

A worksheet with Assets and Liabilities columns beside a calculator and pen on a wooden desk for calculating net worth

SBA Lending

How to Calculate Net Worth for an SBA Loan

Net worth for an SBA loan is total assets minus total liabilities on Form 413. Here is how to calculate it, value each line, and what lenders do with it.

15 min read

An SBA Form 413 open to its certification and signature block with a pen resting on the signature line beside a desk calendar

SBA Lending

Personal Financial Statement Signature Requirements

Personal financial statement signature requirements for SBA Form 413: who signs, when a spouse signs, the 120-day dating rule, and e-sign vs. wet ink.

15 min read

Two overlapping SBA 504 loan documents on a walnut desk, with a fountain pen resting on a borrower signature line

SBA Lending

SBA 504 Personal Guarantee Requirements: Who Has to Sign

SBA 504 personal guarantee requirements explained: who must sign an unlimited guaranty, how the bank and CDC differ, and when a guarantee can be limited.

13 min read

Two financial worksheets, a fountain pen, and a calculator on a sunlit wooden desk beside a laptop showing a spreadsheet

Business Lending

Personal Financial Statement for the Self-Employed

How the self-employed build a personal financial statement, and how lenders rebuild Schedule C net profit into the qualifying income that backs the loan.

15 min read

A financial statement on a wooden desk with one line circled in red, a flag tab on the page edge, and a pen resting across it

SBA Lending

7 Common SBA Form 413 Mistakes (and How to Fix Them)

The common SBA Form 413 mistakes that get a personal financial statement returned in underwriting, and how to fix each one before you submit.

18 min read

A one-page net worth statement on a desk with an assets column, a liabilities column, and a net worth total at the bottom

Personal Finance

Net Worth Statement Template: Build Yours in 20 Minutes

A net worth statement template lists what you own, values it at today's market price, and subtracts your debts. Here is how to build yours in 20 minutes.

14 min read

A laptop showing personal financial statement software beside a printed Excel spreadsheet and a calculator on a desk

Personal Finance

Personal Financial Statement Excel Template vs. Software

A personal financial statement Excel template is free and works for one filing. See where it breaks on repeat lender requests, and when PFS software wins.

11 min read

A yellow legal pad with a hand-written ownership and guaranty checklist propped against a closed laptop on a desk, three items checked off

SBA Lending

SBA 7(a) Personal Financial Statement Requirements (2026)

Who must submit a personal financial statement (SBA Form 413) for a 7(a) loan, the 20% guaranty trigger, spousal rules, and what underwriters check.

14 min read

A standing desk calendar behind a Personal Financial Statement document with a pen resting on its date line

Personal Finance

How Often Should You Update a Personal Financial Statement?

A personal financial statement is a point-in-time snapshot. Refresh it within 120 days for an SBA 7(a)/504 loan, yearly otherwise, and after a major change.

14 min read

A personal financial statement showing assets, debts, and net worth beside bank statements and a property deed folder

Personal Finance

Personal Financial Statement for Divorce Disclosure

A personal financial statement for divorce inventories every asset and debt before you sign the court's sworn disclosure. Here is how to build one right.

15 min read

A red-brick mid-rise apartment building with a foreground clipboard comparing Property and Personal columns

Commercial Real Estate

DSCR vs. Personal-Income Mortgage for Investors

A DSCR loan qualifies the property; a personal-income mortgage qualifies you. Here's what each one asks for, what it costs, and when to choose which.

18 min read

A personal financial statement page beside a business balance sheet on a wooden desk, a pen resting between them

Personal Finance

Personal Financial Statement vs. Balance Sheet

A personal financial statement and a balance sheet both subtract what you owe from what you own. Here's what each shows and which a lender asks for when.

12 min read

A one-page Personal Financial Statement on a wooden desk with asset and liability columns, beside a pen and a calculator

Personal Finance

What Is a Personal Financial Statement? (2026 Guide)

A personal financial statement is a dated snapshot of your assets, liabilities, and net worth. Here's what goes on one, who needs it, and how lenders read it.

15 min read

A financial statement page on a wooden desk, a four-row contingent-liabilities panel beside the income box, pen across it

SBA Lending

SBA Form 413 Contingent Liabilities (Not Section 5)

On the current SBA Form 413, contingent liabilities sit beside Section 1, not in Section 5. Here is what counts on each of the four lines.

14 min read

A two-story fourplex rental building seen from the street, with a checklist on a clipboard on a brick wall in the foreground

Commercial Real Estate

DSCR Loan Requirements in 2026: What Lenders Want

DSCR loan requirements in 2026: the minimum ratio, FICO, down payment, and reserves most lenders set, plus the borderline cases that still get funded.

15 min read

A yellow legal pad lying on a warm wooden desk beside an open laptop, with a six-item checkbox list drawn in navy ink, the first three boxes checked

Business Lending

Personal Financial Statement for a Business Loan in 2026

What every business-loan lender, SBA or conventional, actually looks at on your personal financial statement, plus the thresholds underwriters quietly use.

17 min read

An SBA Form 413 personal financial statement on a clean desk with section dividers visible along the left margin and a black pen resting over Section 5

SBA Lending

How to Fill Out SBA Form 413: A Section-by-Section Guide

SBA Form 413 is the personal financial statement every 20%+ owner of an SBA 7(a) or 504 borrower submits. Here is how to fill out each section.

22 min read

A clean wooden desk with a personal financial statement template and a black ballpoint pen resting across it

Personal Finance

Personal Financial Statement Template: A 30-Minute Guide

A personal financial statement template captures your assets, liabilities, and net worth on a short balance-sheet form. Here is what each section needs.

15 min read

A multi-section personal financial statement with Assets and Liabilities columns and numbered section dividers along the left margin, photographed on a wooden desk with a pen, calculator, and reading glasses in soft window light

SBA Lending

SBA Form 413 Example: A Worked Walkthrough for a $350K 7(a)

A real example of a completed SBA Form 413 for a hypothetical 7(a) applicant, with every line annotated — what underwriters see and why it matters.

22 min read