New Mexico Bond

[Unregistered]

I just went on line and applied for and was approved for my Arizona and Florida state bonds with your company (very quick and easy).
However, I noticed I can not apply on line for a New Mexico 25,000 bond?

Why does that state require fax forms. Also, It looks like the faxed application requires personal financials? Although my company is brand new, our net worth is over 100k. My partner's personal financials are very long as he owns several companies.

Can I just give you corporate financials instead of personal?

[Surety Guy]

I am glad you found our application process a breeze, we are always working to keep it as simple as possible. The Instant Approval Program is not offered in New Mexico due to licensing issues. We are appointed with 16 bonding companies and not all are licensed in all fifty states.

The surety will want to see personal financials of all owners. The only way out of that is a specialty program (ie our Instant Approval Program) or 100% collateral. Specialty programs are far and few in between so your best bet is is to just complete a personal financial statement for all owners involved. The business financials will only help to lower your rate, the bond can not be based on them alone.

Please apply by fax at: http://www.jwsuretybonds.com/app_mort.htm

[Unregistered]

One more question. I currently have personal financials done for both myself and my partner on Arizona State Specific forms. Could I just fax you those? or does it need to be on my form. Also, I don't have a whole lot of assets, however my partner is work well over 7 figures. Will this be a problem?

[Surety Guy]

You do not have to use our personal financial statement. Any detailed statement is fine. Just be sure to fax in everything required together, it is nearly impossible to match up partial applications due to the volume of faxes received.

Your lack of assets won't hurt or help. The surety is going to want to see that someone has some real estate equity so you should be fine being that your partner is so financially sound.

In general, (for standard rates) sureties require the following:

1. Real Estate Equity
2. Enough liquid cash to run the business
3. A credit score of around 670 or higher
4. No major flaws on credit (ie BK, collection, liens, etc.)

If you have all the items listed above we will have no problem placing you in a standard market. If there are lacking items, we may have to look into a high risk market. Please submit your application and an agent will call you to discuss it further.