You want to purchase office space or a nice tenement
in an upcoming area but you have a 320 credit score. This article will show you
how to get a commercial loan even if
you have a bad credit score.
of us are trying to come out from under some form of debt. In a 2015 study, the
U.S. Census Bureau concluded at least 38.1% of households in America have some
form of debt. In the last quarter of 2015, the dollar amount of credit card
debt in the U.S. was around $733 billion. In regards to mortgage debt, the
amount was a staggering $8.25 trillion.
name. But is that supposed to stop you from being able to by that nice home for
your New England bed and breakfast? No. Everyone should be able to be an
entrepreneur in this day and age. You can still get a commercial loan with bad credit there are just a few more things
that you have to go through before you get the loan that you need.
you apply for a commercial loan plan
clear and concise business plan. You should be able to walk into your lender’s
office and be able to give them the pros of giving you a commercial loan for your business. You want to make sure you give your
lender a clear and in-depth plan of action. Show them the goals you want to
accomplish with this business. Provide them with the tactics you will use to
bring customers or tenants to the space you want to buy. Make sure you,
yourself, know what you want to do with your business.
Trying to make payments on your debt can have a good impact on your credit
score. As well all know this will not happen overnight. But making an attempt
to rectify the situation looks really good in the eyes your lender. You may
have to pay higher rates or addition fees, but with your commercial loan, you are one step closer to your property.
can I go to get a commercial loan if
I have all of that?
still have come options that you have at your disposal. There are some banks
that will work with you however your options are kind of slim. An option that a
lot of investors with bad credit look into is borrowing from hard money lenders.
Most of the time hard money lenders do not worry about your credit score as
long as you have a form of collateral. If for some reason you cannot pay your
loan back, then the collateral used will be auctioned off for profit. The only
drawback that you will most likely have is the higher interest rate that you
will have to pay.
Dennis Dahlberg Broker/RI/CEO/MLO
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701