What is a Debt Schedule?
A debt schedule is a financial document that lists all of your outstanding debts in a structured format. It includes details like creditor names, original loan amounts, current balances, interest rates, monthly payments, and maturity dates. Banks and lenders require this document to understand your existing debt obligations before approving new financing.
Why Lenders Require a Debt Schedule
- Debt Service Coverage Ratio (DSCR): Lenders calculate whether your cash flow can cover existing and new debt payments
- Total Leverage Assessment: Understanding your total debt burden helps determine risk
- Payment History: Identifies any debts in default or with irregular payments
- Collateral Review: Determines if assets are pledged to existing creditors
What to Include in Your Debt Schedule
Business Debts
- Term loans
- Lines of credit
- Equipment financing
- Commercial mortgages
- SBA loans
- Business credit cards
- Merchant cash advances
- Accounts payable over 90 days
Personal Debts (For SBA Loans)
- Primary residence mortgage
- Investment property mortgages
- Auto loans
- Student loans
- Personal credit cards
- HELOC/Home equity loans
- Personal lines of credit
- Other installment loans
Debt Schedule Example Format
A proper debt schedule includes these columns for each debt:
| Creditor | Type | Original Amount | Balance | Rate | Monthly Pmt | Maturity |
|---|---|---|---|---|---|---|
| First National Bank | Term Loan | $250,000 | $187,500 | 7.5% | $4,950 | Dec 2027 |
| Equipment Finance Co | Equipment | $75,000 | $42,000 | 8.9% | $1,650 | Jun 2026 |
| TOTAL | $229,500 | - | $6,600 | - | ||
Who Needs a Debt Schedule?
SBA Loan Applicants
Required for all SBA 7(a), 504, and disaster loan applications
Commercial Mortgage Borrowers
Lenders need to see all existing debt before approving property financing
Business Credit Applicants
Lines of credit and term loans require debt documentation
Refinancing Applicants
Consolidating or refinancing requires a complete debt picture
Tips for Creating an Accurate Debt Schedule
- Use current statements: Get balances from your most recent loan statements, not estimates
- Don't forget credit cards: Include all credit cards even if you pay them off monthly
- Include contingent liabilities: Personal guarantees on business debt should be noted
- Match your PFS: Debt totals should reconcile with your Personal Financial Statement