|
We do Business in Accordance
With the Fair Housing Act
It is illegal to
discriminate against any person
because of race, color,
religion, sex, handicap,
familial status (having one or
more children), or national
origin. |
|
|
|
|
|
| |
Personal Income Requirements.
|
What must my income
be to qualify?
The most successful applicants are those that personally earn
between $200K and $350K per year. Your income is also relative to the
amount of credit that you request in terms of your debt to income ratio
which must make sense, ideally below 55%. This means that your
debt obligations should not be more than 55% of your personal income.
How much income
should my business be achieving in order to qualify?
Any
reasonable amount of business income will qualify for a line of credit
but the limits on the lines are usually calculated as a % of income.
Therefore a business with a low income will only qualify for small lines
of credit. Most lenders will approve a limit of between 20% to 30% of
your annual business income. This is why we apply to more than one
lender so that collectively, the lines that you qualify for will amount
to a significant amount / limit.
If I have bad
credit but I have a partner in the business that has good credit, can my
partner apply instead of me?
The
answer to this question is usually yes, although some lenders will
require that your partner has the majority ownership of your business.
Depending on your situation, we will make application to lenders that,
in our experience, your partner will be most successful with.
To receive
recommendations about what to do
to increase your FICO credit score and improve your personal credit
profile so that you will be more successful when applying, please check
out our excellent
Personal Credit Profile Building Service.
What
happens if I am not approved for the amount / limit that I need?
If we
are initially unsuccessful in obtaining all the financing that you
require, then we will continue to apply after waiting three months and
then spreading your applications over a few months until we succeed in
obtaining all the financing that you require.
|
How
can I improve my chances of being approved?
To receive
recommendations about what to do to increase your FICO credit
score and improve your personal credit profile so that you will
be more successful when applying, please check out our excellent
Personal Credit Profile Building Service.
|
|
What documents do I need
to show when applying and what does
no documentation
required and stated income and
stated assets mean?
Although
documents are required showing that your business is state
registered and licensed and you will be required to complete
the lender's application form (which might include a personal
financial summary), all stated applications are
no documentation required, stated income and
stated assets, which means that you do not have to show
financial statements, tax returns, pay slips, proof of assets
etc. Instead you simply have to state what your business
and personal income history has been for the past year and what
you expect it will be for the current year.
This is commonly referred to as
stated and is a normal part of the banking industry.
All licensed mortgage brokers complete stated
mortgage applications for their clients which are approved every
day without lenders requiring proof of income on these
applications, however it is important to note that lenders
always reserve the right to request documentation if the
information provided to them does not make sense or the the
applicant has red flags in his or her personal or business
credit profile.
Because the lines of credit that our clients are apply for
are within our lender's comfort zone, they will not base their
approvals on verifiable income. Instead they will only base
their approvals on the credit worthiness of the owners /
partners who are applying in the name of the businesses.
In
contrast, “Full doc” applications usually require
an applicant's last two year’s business and personal financial
statements and tax returns.
I have more
questions.
See more questions and
answers about the Unsecured Business lines of credit program.
How do I get
started with the
100% Combo Finance Program?
Firstly
follow this link to
apply for your unsecured business lines of credit. The application is free
and you are not obligated to
anything.
I already have my own funds for the down payment. How do I apply for the
commercial loan portion of the program only?
Request a loan
consultant to contact you.
|
Request more
information about the properties on this list.
To get started
with our 100% Combo Finance
Program,
first
follow this link to apply for your unsecured business lines of credit.
(We do not charge application fees and you will receive a no obligation free
consultation.)
To apply for the commercial loan
portion of the program only,
request a loan
consultant to contact you
Unsecured Business Lines
Of Credit - Q&A for real estate investors.
Commercial Mortgage Loan -
Q&A for real estate investors.
Business Speed Loan - Q&A for real estate
investors.
Call us on Tel: 813-966-1674
Home Page.
|
|
