Tag Archives: texas commercial loans

Offices in Texas are Going Green and Texas Commercial Loans are Available for These Projects

November 6, 2017Uncategorizedtexas commercial loan, texas commercial loansbigdaddydennis

More offices in Texas are going green than ever before, in part due to the Millennial generation. Because of their popularity, a variety of Texas commercial loans are available for these types of projects.

In 2018, San Antonio will be home to the Cavender Office Project, a 140,000 sq. ft. office development that is calling itself a sustainable and walkable urban project. It will include 125,000 sq. ft. of office space and 15,000 sq. ft. of retail space and is considered, in some ways, the first of its kind in Texas. Instead of using traditional steel and concrete material, they will be using timber to construct much of the building and create a walkable area between old and new buildings.

Creating sustainable office space has been on the rise. Much of this is due to the Millennials—the generation that is roughly defined as those that were born between 1977 and 1995—who have surpassed the baby boomers to become the largest population in the U.S. workforce. This generation typically looks for businesses that give back to their community and have a social conscious. They consider a balanced life first and foremost and appreciate companies that place health and fitness as an integral part of their employee’s amenities, including a healthy workplace. They are, ever so gently, changing the face of America’s office and corporate structure.

You could say that the “green scene” is taking over Texas as well, at least parts of Texas. St. Edward’s University in Austin is committed to maintaining a sustainable campus and to this end was built with eco-friendly construction material. Watters Creek, a mixed-use development in Allen, Texas incorporated a large creek-side village green and is LEED certified which means that is has incorporated sustainable practices in the building of the development including the use of eco-friendly construction materials and maintaining a good indoor-air quality through ventilation and use of low VOC materials.

When Swinerton Builders, a company in Austin, Texas, decided to relocate, it opted to create an office environment with the goal of achieving LEED Gold certification. In order to accomplish this, it was built with reclaimed oak, hemlock and pine and contains furniture with recycled content. All lighting is LED and all finish materials are low VOC. The large windows allow natural light to diffuse through them and the open space aesthetics provides the kind of work environment that promotes interaction. Because of their popularity, there are several possibilities when obtaining Texas commercial loans for these types of projects.

Obtaining LEED Certification

If you’re considering getting into the lucrative real estate development known as sustainable office buildings, getting your buildings LEED certified is a step in the right direction. There are five areas to consider when obtaining this certification: the use of sustainable, eco-friendly materials for construction, the use of energy efficient lighting and HVAC systems, indoor air quality and use of windows for diffuse lighting as well as water conservation mechanisms.

Financial benefits include tax incentives, availability of Texas commercial loans, and tenants that will pay extra for a “green” building.

If you’re looking for funding for your next sustainable project, consider Level 4 Funding. We are private investors that provide hard money asset-based loans to developers, businesses, contractors and home owners. Contact us for a no-obligation quote. We may just be the key to the Texas commercial loan that you require for your next office building. Many find that when banks have said “No” we are able to say “Yes.”

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701

About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

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Four Common Mistakes Among First-Time Texas Commercial Real Estate Investors

October 2, 2017Uncategorizedtexas commercial lender, texas commercial loan, texas commercial loans, texas commercial mortgage brokers, texas commercial real estatebigdaddydennis

If you’re just delving into the lucrative investment strategy known as real estate, there is much to learn from those that have come before you. These, then, are the tried and true—the what not to do as you aim and take fire at your first Texas commercial real estate investment.

One of the most common errors first-time investors experience is what is known among the established set as “eyes bigger than their stomach.” Instead of starting small and getting their feet wet, many first time investors start with a major overhaul or a multifamily property instead of a simple rehab or rental. While real estate investing is about the numbers and the bottom line, it’s also about experience, which leads us to the other major faux pas among first-time Texas commercial real estate investors—not sticking with what they know. If you’re a contractor, you’ve got a great head start among those investors or fix-and-flippers whose experience has been derived from watching HGTV. But even you, my friend, who understands timetables and costs, can get in over your head. Team up with other experts such as a real estate agent who knows the markets or a mentor who can lead you down the path of profitable CRE.

Mistake number three is all about the money and not having enough capital reserves when the unexpected arises—and nine times out of ten, you will get a surprise. From water damage and rotting wood to bad wiring, keeping some funds set aside for these occurrences will keep you from having to search for funds mid-stream, never a good scenario.

Surprises are less likely to occur when you have a good team in place which leads to mistake number four—trying to do it all yourself. If you’re not a real estate agent, consider getting one on your team that knows the market and can suggest what upgrades are worth the price and which ones will price the home out of the market. If you’re not a contractor, find one that has your back, that is excellent at what they do and knows how to bid with precision, and that you can trust explicitly.

Location – Location – Location

The small business mantra—location, location, location—applies to Texas commercial real estate investments as well. It’s important that you understand the market—is it a growing community with a good job market? How is the school district? Is your target tenant or buyer a family, college student, or professional? This needs to be decided before you start your renovation because it will determine, to a large degree, the design.

Consider a private hard money lender for your first Texas commercial real estate project.

At Level 4 Funding, we provide hard money asset-based loans. These types of loans are quick to funding and do not require the stringent credit scores that traditional lenders are bound by. We offer competitive interest rates and terms as long as 60 months. We can also set you up with your next bridge or construction loan and have worked with many a developer to supply all of their funding needs for multiple projects.

About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

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For Texas Commercial Real Estate Investors—Check out Irving / Las Colinas

October 2, 2017Uncategorizedtexas commercial lender, texas commercial loans, texas commercial real estate, texas commercial real estate loansbigdaddydennis

Dallas has been on the mark in terms of job growth and affordability, traits that Texas commercial real estate investors search for when looking for their next project. Las Colinas, located in the Dallas suburb of Irving, is bringing in corporations and needed multifamily units at a tremendous rate.

The Texas commercial real estate developers who have already delved into this lucrative market, probably already know about the growing corporate hot spot known as Irving. In particular, Las Colinas, the upscale area in this Dallas suburb that seems to be attracting corporations and encouraging corporate relocations. Its location is part of the draw—located between Dallas and Fort Worth and close to DFW International Airport and DART. Irving is also home to several universities, providing, for those incoming corporations, an educated workforce. Another calling card is simply that the town has made it their mission.

There are several steps that this area has taken in hopes of drawing in big business. This includes offering rich incentives to corporations looking to move and the creation of the Toyota Music Factory to add to its entertainment sector. This entertainment destination consists of an indoor concert hall, outdoor amphitheater, retail, restaurants and a movie theater. According to an article in Bisnow, Parmenter Southwest Region Senior Vice President Josh Hedderich said, “The combination of amenities, affordability and access to the metro sealed the deal in a recent lease his firm negotiated.”

Las Colinas is home to more than 2,000 companies including ExxonMobil, Kimberly-Clark, AT&T, Citigroup and General Motors Financial. Rumor also has it that they are vying for the next headquarters for Amazon—a move that will be providing some fortunate city with 50,000 jobs. About the only criteria they do not fit that Amazon has deemed necessary is its population which doesn’t quite make the million mark. It does, however, rest in the arms of Dallas, a city of close to 4.6 million. As the jobs, people and corporations arrive, this town of 85,000-plus is continuing to see an increasing demand for multifamily units.

Multifamily Unit Development in Las Colinas

Alexan Las Colinas, a 307 multifamily unit, was completed at the end of 2016 and features garden courtyards, a pool, and amenities such as a bike shop, wine tasting lounge and virtual golf. JPI, one of the top Texas commercial real estate developers in the multifamily unit segment in this area just purchased another development site in Las Colinas’ growing Urban Center. It also has two new apartment developments on nearby properties. Last year, JPI had over 3,100 units under construction.

Private hard money lenders are often the go-to for developers looking for capital for this segment of Texas commercial real estate.

Private hard money lenders can offer rapid funding for developers needing to make a quick bid on a property that just hit the market, one of the common reasons that real estate investors obtain these types of loans. At Level 4 Funding, we provide funding for multifamily projects up to $50,000,000 with an LTV up to 90 percent. We offer a quick response and competitive rates. Give us a call for a no-obligation quote.

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Financing with Texas Commercial Mortgage-Backed Securities

October 2, 2017Uncategorizedtexas commercial lender, texas commercial loan, texas commercial loans, texas commercial mortgage, texas commercial real estate, texas commercial real estate loansbigdaddydennis

Texas commercial mortgage-backed securities are a choice of funding for real estate developers. Here are the facts concerning this type of commercial real estate loan.

Texas commercial mortgage-backed securities (CMBS) are fixed rate bonds that represent an investment in a portfolio of varying property types and sizes, and that are backed by commercial real estate mortgages. Generally, the loan-to-value is 60 to 70 percent with a 10-year loan term, interest-only payments, and a balloon payment at the time of maturity. When they came on the market in the 1990s, they proved very useful to commercial real estate developers due to the improved loan availability and rates.

As of May 26, 2017, $27 billion in commercial mortgage-backed securities have been issued—down 6.6 percent from the previous year. The reduction is due, in part, to the risk-retention regulations that require the issuer to hold 5 percent of the securities. These regulations favor bigger banks, leaving many of the smaller lenders to observe from the sidelines. Another factor is based on the cyclical nature of things and the growing concern that the market has reached the summit and is heading for a decline.

In 2016, banks made up most of the capital providers—a little over 50 percent of investors. Fannie Mac and Freddie May came in at 18 percent of debt investors while life insurance companies made up 11 percent of the group. The remaining were securitized debt holders such as CMBS. What’s interesting to note is the dramatic drop in CMBS lending, peaking at $229 billion in 2007 and dropping off to $76 billion in 2016. This drop off has been blamed on rising fears of saturation as well as the mounds of loans that were issued in 2005 to 2007 and that are now maturing. The numbers, however, suggest that there is little cause for concern as the $65.6 billion in debt that reached maturity during the first six months of 2017 only showed a 6.4 percent delinquent rate

Obtaining your next Texas Commercial Mortgage

Texas Commercial mortgage-backed securities can be a good choice for longer-term acquisitions; however, the prepayment penalties often associated with these types of loans can serve as a deterrent. In addition, the new requirements have meant that obtaining these types of loans can be more difficult and time to funding longer as underwriting has tightened its belt. Loans are also based on LTP or loan-to-purchase as compared to LTV or loan-to-value which may require additional equity. Modification and additional fees such as insurance review fees can add up. These types of loans have certainly served their purpose and helped many a developer obtain the needed capital. Just be sure to add in all the varying factors when laying out a budget and consider alternative options.

Consider obtaining capital from a private hard money lender.

At Level 4 Funding we work with hundreds of private investors, one who might just be interested in your next project. Our private hard money loans provide quick access to capital, terms up to 60 months and competitive rates. Call us for a complimentary quote.

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Qualification for Hard Money Commercial Loans Texas

October 2, 2017Uncategorizedcommercial loans, commercial loans for bad credit, commercial loans texas, texas commercial loansbigdaddydennis

Conventional commercial loans Texas can be hard to qualify for. But a hard money lender offers a much more stream lined and speedy loan process.

Hard money commercial loans Texas require much less paperwork and third party reports than a convention loan. This is a great benefit to a borrower who needs funding quickly or does not have the credit history needed to qualify for a bank loan. Knowing what it takes to get a hard money loan will help you to decide if this is a solution that you should explore more in depth.

Some hard money commercial loans Texas lenders have an application process that is similar to a conventional lender but others focus on asset based lending. In the case of the asset based lenders, the primary concern is not the value of the commercial property that you are buying but the value of the assets that you are planning to use as collateral. The value of the assets will even be more important than your level of credit or your credit history. In some cases the assets can be inventory or equipment. In other cases, it could be accounts receivables or other property that the business owns.

Regardless of the type of collateral that you will provide, you will need to submit a certain amount of information to the lender. This is just the process for any loan request. But what you will not need to submit is the prior financial history of your business. You will also need to provide information about the reason for your request. In most cases, commercial loans Texas lenders will want to know a little bit about the property and also see photos of the interior and exterior of the property.

What Makes Hard Money Lending Different

Because you are requesting a hard money loan, you need to expect that the interest rate is going to be higher than a conventional commercial real estate loan. The lender is evaluating the risk associated with your business and its ability to repay the loan. They are also evaluating their ability to recover their investment should you fail to keep up with the payments. This could include an evaluation of how quickly and effortlessly they could liquidate your collateral assets. Selling property could be much faster than trying to find a person who is interested in buying old equipment or merchandise which was a part of your inventory.

It is a Viable Option

Even though the interest rate will be higher than a conventional lender, a hard money commercial loan could be a good solution for your business. If you have no credit history or cannot verify cash flow then securing a conventional loan could be impossible. But be sure that you fully understand the terms of the loan agreement before you sign the document. Just because the lender is not a loan company or bank does not mean that the contract will not be legally binding.

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What You Need to Know About Commercial Loans Texas

October 1, 2017Uncategorizedcommercial loans texas, texas commercial lender, texas commercial lending, texas commercial loans, texas commercial mortgage, texas commercial real estate loansbigdaddydennis

If you are not familiar with commercial loans Texas then you might believe that they are similar to any personal loan that you applied for. But the short answer is that they are not.

The first and largest difference between commercial loans Texas and a residential mortgage loan is that it is not backed by a guarantor such as Fannie Mae. This means that commercial loans Texas represent a much greater risk for the lender. For that reason, commercial lenders are much more selective about who they are willing to lend money to. Interest rates are higher and down payments are also much larger and that is just the beginning of the differences.

Balloon payments used to be common in residential mortgages but they are not any more. However, they are quite common in commercial loans Texas. So you will make payments that would pay off a loan in 30 years but the term of the loan will only be 3, 5 or 10 years. The result is a large balloon payment that is due at the end of the term. Most businesses are not in a position to pay the balloon payment and must refinance the final amount and keep paying on the property. Another option is to select a higher interest rate in return for a longer payment term.

Down payments are also quite different in the commercial property world. Unlike the 10% required to secure a home loan, commercial mortgages often require 25% or more down. A big reason for the larger down payment is the greater risk involved in a commercial property loan. Values on commercial property tend to fluctuate more frequently than residential values. For that reason the lender want to be certain that there is instant equity in the commercial property which is the collateral for the loan.

Understand the Cost of Borrowing

Commercial lenders are in business to make money and they do that in many creative ways. You know that you will be paying interest on the loan amount but that is not all you will be paying. Some lenders will charge points to cover their administrative costs while others will break the fees down and charge you per line item. Some fees can include an application, fee which is normally nonrefundable even if you are not approved for the loan, a loan processing fee, appraisal fees and survey fees.

There can also be Penalties

As a borrower, we are trained to think in terms of saving money. This means that paying off a loan early is always a good thing. It is a way to save on the interest or finance costs of a loan. But commercial lenders are counting on a specific amount of interest, or earnings, from your loan. And they are not willing to let you avoid any of those costs. Many lenders will include a prepayment penalty in the terms of your loan. This can mean that you will pay a flat fee for the right to pay off the loan early or it could be a percentage of the interest that you avoided paying. In some cases the savings on the interest is greater than the fees but in other cases the fees will cost you more than the continued interest. Be sure that you understand all of the terms of any loan before you sign or you will be forced to adhere to them.

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Tips on Getting Commercial Loans Texas

October 1, 2017Uncategorizedcommercial loans, commercial loans in texas, commercial loans texas, texas commercial loan, texas commercial loansbigdaddydennis

Getting commercial loans Texas is not as simple as many business owners might think. There are many tips out there but the best all center on being prepared.

Commercial loans Texas are a necessary evil just as any debt is. Due to the overwhelming cost of a commercial property, it is unlikely that just about any business could afford to purchase property without some type of loan. It is a big step to take and one that you should carefully prepare for to ensure that you have the most success possible.

The biggest factor in your approval for commercial loans Texas is your creditworthiness. The lender is going to ask for many different documents to evaluate the financial health of your company and possibly even the personal financial condition of the owners. You will need to prepare a copy of your business plan, financial records including tax forms, bank statements and P & L statements as well as cash flow documentation. It is also important that all of the information be as current as possible. Having this packet of information prepared lets the lenders know that you have invested time and effort into the process and that you are serious about purchasing property.

You also need to be prepared from a financial standpoint. You will need to be in a position to pay certain fees associated with the loan and the down payment for the property. In most cases, a lender will only finance about 75% of the cost of the property so having that remaining balance available in cash is critical. You will also need to pay some fees such as a loan application fee, a loan processing fee or appraisal fees. You might also want to investigate getting your own independent appraisal done to have an unbiased estimate on the property value. Also be prepared to pay for environmental reports on the property. Most lenders now require these reports to ensure that the property is not contaminated.

Manage Your Time

A great deal on a commercial property usually means that the property will sell quickly. For that reason you will want to be sure to begin your application for commercial loans Texas as quickly as possible. It is well known that commercial lenders will greatly overestimate the speed at which they can process your application. They will quote you 45 days but in most cases it will drag out to over three months. Don’t let a great property get away while you are still completing application documents.

More Knowledge is Always Good

Understanding the process for applying and getting approved for a loan is critical to your success. Having a plan in place to meet the criteria and requests of the lender will make the process less stressful and can even decrease the time it takes to get approved. As with most things in the business world, you will get as much back as you invest in a project. So the time it takes to prepare documents, complete research and make a professional presentation is a good investment in your company’s future.

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Tips for Building a Relationship for Commercial Loans Texas

October 1, 2017Uncategorizedcommercial loans, commercial loans in texas, commercial loans texas, texas commercial loansbigdaddydennis

When you begin to think about applying for commercial loans Texas you should immediately begin to work on building some important relationships. Commercial lenders can provide you with more than just the loan that you are looking for.

There is a lot more to getting commercial loans Texas than simply completing the application for the loan. Commercial loans are much more complex and require more documentation and information than a residential mortgage. It is important to fully understand the process and the criteria for loan approval as well as having an understanding of your different options for lenders and their areas of expertise.

Start with some basic research of the banks in your area. The local and regional connection can often be a little bit of an advantage for commercial loans Texas as the lenders are more familiar with the area and have a vested interest in the local economy. Use the list of lenders that you have complied to make some brief phone calls to discuss what types of commercial loans Texas that the lender specializes in. You might also want to inquire about the industries that the lender works with on a regular basis and what special criteria that they require to qualify for a loan. All of this information will help you to know which lender will best meet your needs once you have selected a property and know the size of the loan that you will need.

As you begin to understand the process more and have refined your selections for a property, engage the lenders with questions. This is a good way to gauge who is interested in your business and will be eager and willing to work with you during the application process. You might find that only one or two lenders are willing to meet with you prior to being ready to submit your application. This is a good indication of who will be there to assist you during the application process and even before when you are working to make your property selection. The lender who wants to grow a relationship with you will offer advice and tips and become a very valuable free resource.

Be Honest From the Beginning

It is important that you are honest and tell the lenders that you are just in the planning stage. This will verify that they are really interested in a long term relationship and that they are willing to help you along the way. It also helps to prevent misunderstandings that could cause them to be less willing to work with you when you are ready to apply for the loan.

Commit to Full Disclosure

The more information that you are willing to provide to the lenders the more they can assist you. If you have had credit challenges then tell them so that they can offer helpful information and suggestions. Let them get to know you, your business and your industry so that they can provide you with the most accurate information available.

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4 Tips for Securing SBA Commercial Loans Texas

October 1, 2017Uncategorizedcommercial loans, commercial loans for bad credit, commercial loans in texas, commercial loans texas, texas commercial loansbigdaddydennis

SBA commercial loans Texas offer some great benefits for borrowers but the application process can be long and tedious. Give yourself the edge by following these tips when you are applying.

It can take a lot of time and patience to be approved for SBA commercial loans Texas. But the low interest and down payment requirements as well as the very favorable repayment terms make it worth the extra effort. But to be more certain that you are going to get approved, you need to follow a few tips to make your application stand out from the crowd.

Having your credit and finances in order before you apply is critical. You want to do all that you can to improve your credit score prior to beginning the application. Be sure that you have not maxed out your credit and that any debt that you owe is being paid off ahead of schedule. Your goal should be to get your credit utilization under 30% to get the most favorable review from the SBA lenders.

Having all of your documentation in order prior to starting your commercial loans Texas application will make the process less stressful and more rapid. SBA lenders are notorious for requesting very detailed financial information about your company and about the owners. Having that packet prepared and ready to submit will show all lenders that you have invested time and effort into the process already and are prepared to answer any additional questions that they might have for you.

Be Ready to Relate Your Story

Seeking commercial loans Texas is much like trying to land a client. The lender will have many of the same questions that a potential client might have. They want to know about your business, your industry and why you are the expert that they should put their faith in. A customer wants to know that you will do a good job because they are going to pay you for your product or service. A lender wants to know that you will do a good job because they want your customers to continue to pay you so that you can repay your loan. Also be ready to answer any questions that the lender might have about your business plan or business model. Explaining this information will demonstrate your knowledge and skill in working within your industry and in business in general.

Don’t Be Afraid to Shop Around

Not all SBA lenders are the same. So you will want to be sure that you explore all of your options and the lenders who are working with the SBA. This will ensure that you select the best lender to meet your current and future needs. Being comfortable with the lender is important and so are the terms that they are offering you. Take some time to get to know the lenders and determine who might be the best fit for you. A smaller regional lender might be a better fit for a new company or a smaller loan amount. Following these few tips can make the process a little faster and much more successful.

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What Lenders Look for When Granting Commercial Loans Texas

October 1, 2017Uncategorizedcommercial loan Texas, commercial loans for bad credit, commercial loans texas, texas commercial loan, texas commercial loansbigdaddydennis

It can be very challenging to secure commercial loans Texas. But knowing what lenders are looking for can help you to provide the best application possible.

When you are applying for commercial loans Texas, you will find that there are many documents that are being requested and many forms that you will need to complete. But all of that general information is only the beginning. Lenders each have their own set of criteria that they uses to make their final decision about writing commercial loans Texas or declining an applicant. Understanding this criteria can help you to craft a more effective application.

One important factor that lenders are looking for is that you and the business have the needed assets and financial reserves to survive any temporary downturn in your business. This can mean making it through a slow season or even through a period when clients are not paying bills on time. But what a lender needs to see is that you have the means to keep your business operating when there is a lull in your cash flow that is beyond your control. If the business has very limited assets then the lender will want to know that the owners are in a position to personally fund the company to bridge the short term issue.

Your ability to repay commercial loans Texas is what the lender is really trying to determine. They are accessing the risk that you represent and how confident that they are that you can make the payments on a regular and long term basis. This means that your cash flow needs to be strong and consistent. Demonstrating that you will easily be able to make your loan payments is critical to getting approved.

Proven Track Record

If your business is new and has no cash flow history or proven track record in the industry then you will need to demonstrate your personal ability. This is best achieved by showing your successes in the industry and in a management position at another company. Showing that you have experience managing and running a successful business will build confidence in your ability to launch and maintain a new company of your own.

Overall Credit Worthiness

All lenders have an image of the perfect client, but that might not exist in the real world. So lenders begin to compromise when they feel that a potential borrower is a solid individual. Showing that you have personally maintained good credit, that you have the means to offer financial support to the business if it is needed and that you understand the industry trends are all critical. This lets the lender know that you are prepared for changes in cash flow and that you have a plan in place to make it through those difficult times. It also shows that you are diligent in protecting your personal financial future and that will carry over to your business finances as well. Taking the time to understand what the lender is looking for from a borrower will help you to supply all of the needed information and will offer you a better chance at getting the loan that you have requested.

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