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Financial Condition Statement

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FINANCIAL CONDITION STATEMENT

Statement Date:

IDENTIFICATION

Entity Type:

ASSETS (CURRENT MARKET VALUE)

Cash on hand: $

LIABILITIES

Total Liabilities: $

INCOME AND EXPENSES

Total Monthly Housing Expense: $

CONTINGENT LIABILITIES AND LEGAL MATTERS

Are you a party to any pending litigation, claims, or administrative proceedings?

Have you filed bankruptcy or been insolvent within the past ten years?

Are you a guarantor or co-signer on any obligations not listed above?

CERTIFICATION AND AUTHORIZATION

I certify that the foregoing statements are true, complete and correct to the best of my knowledge and belief. I understand that any material misstatement or omission may constitute fraud and may subject me to civil and criminal penalties under applicable law.

I authorize the recipient of this Financial Condition Statement and its agents to verify any information contained herein, including but not limited to credit reports, employment verification, bank and investment account confirmations, and public records. I agree to provide supporting documentation upon request.

This statement is provided for the purpose of obtaining financial accommodation or credit. I acknowledge that the recipient may rely on this statement in deciding whether to extend credit or other accommodations, and I undertake to promptly notify the recipient in writing of any material change in my financial condition.

Printed Name:

Signature:

Date:

Title / Capacity (if signing on behalf of an entity):

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What a Financial Condition Statement Is and When It's Used

A Financial Condition Statement is a written summary of an individual or entity's assets, liabilities, net worth, income, and liquidity at a specific date. Lenders, landlords, investors, and counterparties use it to evaluate creditworthiness, collateral capacity, and financial stability. The document typically attaches supporting schedules and source documents such as bank statements, tax returns, and investment statements. When exchanged with other parties, it supports underwriting, lease approvals, merger diligence, and cash-flow analysis and may be requested repeatedly during application, renewal, or closing workflows.

Why the Financial Condition Statement Matters and Its Legal Standing

A clear Financial Condition Statement gives counterparties a standardized view of financial health and reduces underwriting friction. When executed electronically it is enforceable under the federal ESIGN Act (15 U.S.C. §7001) and applicable state UETA rules provided intent, consent, attribution, and record retention requirements are met.

Why the Financial Condition Statement Matters and Its Legal Standing

Who Prepares and Who Reviews This Statement

Typical preparers include borrowers, business owners, and authorized finance officers supplying up-to-date financial data.

  • Borrowers and business owners preparing disclosures for credit or lease underwriting.
  • Lenders and underwriters assessing collateral, debt ratios, and repayment capacity.
  • Accountants, auditors, and legal teams verifying accuracy during due diligence.

Reviewers typically include loan officers, underwriters, landlords, accountants, and legal counsel making credit or contractual decisions.

Core Components to Include for a Professional Statement

A complete statement organizes financial facts into standard sections so recipients can quickly assess solvency, liquidity, and contingent exposures.

Assets

List cash, bank balances, marketable securities, receivables, real property, and business interests with current values and supporting statements for each material item.

Liabilities

Itemize secured and unsecured debts, credit lines, mortgages, tax liabilities, and contingent obligations; include creditor names, balances, and payment terms where relevant.

Income & Expenses

Provide recent annual or trailing-12-month income, major recurring expenses, and notes on nonrecurring items to clarify sustainable cash flow and debt-service capacity.

Cash Flow

Summarize operating cash inflows and outflows, free cash flow, and projected liquidity over the next 6–12 months to show short-term resilience.

Contingencies

Disclose pending litigation, guarantees, co-signed obligations, tax audits, and any off-balance-sheet items that could materially affect net worth.

Certifications

Include a signed certification of completeness and accuracy, a statement of material changes since the statement date, and signature block with date and authority.

Essential Data Elements Required

Full Legal Name: As on government ID
Tax ID: SSN or EIN
Asset Details: Type and current value
Liability Details: Creditor and balance
Supporting Docs: Bank and tax statements
Certifications: Signer authority noted

Step-by-Step: Completing the Financial Condition Statement

Follow these steps to prepare a clear, verifiable statement suitable for underwriting or contractual review.

  • 01
    Gather documents: Collect bank statements, tax returns, and investment account statements.
  • 02
    Fill core fields: Enter assets, liabilities, income, and cash flow figures accurately.
  • 03
    Attach support: Upload scanned source documents and reconcile totals to schedules.
  • 04
    Sign and date: Execute signature block and include signer title and date.

How to Configure an Online Completion Workflow

Set the digital workflow to collect evidence, route approvals, and capture an audit trail for each submission.

Field Configuration
Authentication Email link or SMS code for signer identity
Required Attachments Require PDF uploads for bank and tax statements
Approval Order Sequential routing to reviewer, underwriter, final approver
Retention Automatic archival with audit trail

Where to Send or File the Completed Statement

Routing depends on purpose: lender underwriting, lease file, investor diligence, or internal credit committee records.

  • To a lender: Attach to loan application package or secure portal submission.
  • To a landlord: Include with lease files and tenant screening records.
  • To investors: Deliver with subscription documents or diligence data room.
  • For internal records: Store in finance or credit file with access controls.

Digital Signing and eSubmission Considerations

Choose a platform that supports strong authentication, audit trails, and secure document storage for sensitive financial data.

  • Authentication options: Email, SMS, or KBA
  • Integrations: Salesforce, NetSuite, Microsoft 365
  • File formats: PDF, DOCX, Excel

Typical Timing and Submission Expectations

Timelines depend on context—loan closings, lease approvals, or investor diligence each impose different submission windows.

On application:

Provide current statement when applying for credit or tenancy.

Prior to closing:

Updated statement often required within 30 days of closing.

Annual updates:

Lenders may request updated statements annually for covenant monitoring.

Review lead time:

Allow 3–10 business days for underwriting review.

Retention trigger:

Retain executed copy once accepted by the recipient.

Common Preparation Errors to Avoid

  • Undervaluing or omitting liabilities, which can materially misstate net worth and lead to loan denial or remediation.
  • Failing to attach supporting statements for large asset values; unsupported figures trigger document rejection or additional verification.
  • Using inconsistent dates across schedules; mismatched statement dates create reconciliation issues and slow underwriting.
  • Missing signer authority or unsigned certification; unsigned or improperly authorized submissions are likely considered incomplete.

Risks and Potential Consequences of Inaccurate Statements

Civil liability: Damages or rescission claims
Contract denial: Application or lease refusal
Criminal risk: False statements may trigger prosecution
Financial impact: Higher rates or reduced credit
Tax exposure: Inconsistent reporting can prompt audits
Reputational harm: Loss of lender or partner trust

Comparing eSignature Pricing and Key Capabilities

High-level vendor pricing and capability differences relevant to signing Financial Condition Statements; signNow listed first for comparison.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies Varies Varies Varies
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Frequently Asked Questions and Troubleshooting

Answers to common questions about preparing, signing, and submitting Financial Condition Statements electronically.


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