When taking out a commercial business loan, such as an SBA loan or a real estate loan, you must first consider why your business is looking for funding. If you are looking for a loan just to make ends meet, that may not qualify you since lenders need to know you will be able to pay back what you have borrowed. Other possible reasons for taking out a commercial loan are starting a business, putting funds towards obtainable expansion, and managing operations. Qualifications vary from lender to lender, so whatever the reason may be, make sure you have a well-thought-out plan that you can present.
Though many lenders require credit history, hard money lenders Florida base qualifications differently. Our terms are flexible and help many borrowers get the funding they need much quicker than borrowing from a bank.
When filling out loan applications, try to get as detailed as you possibly can. Proper documentation is essential. Inaccurate or incomplete information could lead to denial of a loan. Relevant financial information such as revenue projections, cash flow, bank statements, and tax returns are all ways to prove loan repayment ability. A detailed business plan is also a great way to increase your chances of qualification. It may not always be the most obvious necessity, but again, it shows lenders you can pay back the loan.
Try not to apply for more than one commercial loan at one time. Lenders often check credit scores when determining eligibility, and if you have applied for a large amount of different loans, your credit score could drop significantly. Apply for the loans that suit your needs and that you think you may be able to receive. You do not want to cause any damage to loan opportunities in the future.
Monroe Funding Corp can give immediate approvals. Once a brief application is received, pre-approval can be given quickly without the need for personal qualification. We lend on an asset base only, so pre-approval can be given out immediately if the property meets our criteria.