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From its beginning, the United States has always been a land filled with entrepreneurs. The number of small businesses across the land are proof that the entrepreneurial spirit is still going strong. Business owners and hopeful business owners should know of the many funding options available to grow their business or to start up a new one. Discovering the commercial lending options in Atlanta is the first step to accessing these resources.
These loans are typically for real estate, equipment, buildings and any type of fixed asset. Borrowers may be need a lender to help them purchase a second building to expand their business. The loan may be needed to purchase equipment that will modernize a manufacturing process. Funding is available for these fixed assets.
The details may vary from lender to lender, but loans starting at three hundred thousand dollars are available for the loan to value ratio, LTV, of 65 to 75 percent of the appraised value. A minimum credit score of 650 is required. This is only a fair credit rating and within the reach of most businesses and entrepreneurs.
SBA 504 loans are an excellent resource for small businesses and entrepreneurs. One condition is that the real property must be 51 percent owner occupied at the very least. If this criterion is met, the lender may approve a loan for the first mortgage for up to 50 percent of the property value. The Small Business Association will loan applicants who qualify up to 40 percent of the appraised value for a second mortgage. These borrowers must be able to put up the remaining 10 percent, and they need a credit score of at least 620, although 660 and higher is preferred.
The lenders are often private sources or smaller banks. The loan broker that borrowers work with often serves as the facilitator by putting the lender and the borrower together. Since this is a business, the process is designed to be quick. There will be one week for the lenders to commit and thereafter no more than sixty days to close.
These are examples of some loan options, but there are many others. Excel Commercial Capital Corporation of Atlanta, Georgia, is just one of the several lenders that create these loan packages. Their websites can answer many questions for borrowers. If your application is denied, do not give up. Shop around for another lender, as some are less risk sensitive than others.
Take time to educate yourself about the loan process before applying for a loan. Getting your own Tri Merge report for your credit is a good place to start. Make sure all the information is accurate, then contact creditors to see if there is anything that can be done to raise your score. The process takes time and work, but with tenacity borrowers can often get the necessary funding approved.
These loans are typically for real estate, equipment, buildings and any type of fixed asset. Borrowers may be need a lender to help them purchase a second building to expand their business. The loan may be needed to purchase equipment that will modernize a manufacturing process. Funding is available for these fixed assets.
The details may vary from lender to lender, but loans starting at three hundred thousand dollars are available for the loan to value ratio, LTV, of 65 to 75 percent of the appraised value. A minimum credit score of 650 is required. This is only a fair credit rating and within the reach of most businesses and entrepreneurs.
SBA 504 loans are an excellent resource for small businesses and entrepreneurs. One condition is that the real property must be 51 percent owner occupied at the very least. If this criterion is met, the lender may approve a loan for the first mortgage for up to 50 percent of the property value. The Small Business Association will loan applicants who qualify up to 40 percent of the appraised value for a second mortgage. These borrowers must be able to put up the remaining 10 percent, and they need a credit score of at least 620, although 660 and higher is preferred.
The lenders are often private sources or smaller banks. The loan broker that borrowers work with often serves as the facilitator by putting the lender and the borrower together. Since this is a business, the process is designed to be quick. There will be one week for the lenders to commit and thereafter no more than sixty days to close.
These are examples of some loan options, but there are many others. Excel Commercial Capital Corporation of Atlanta, Georgia, is just one of the several lenders that create these loan packages. Their websites can answer many questions for borrowers. If your application is denied, do not give up. Shop around for another lender, as some are less risk sensitive than others.
Take time to educate yourself about the loan process before applying for a loan. Getting your own Tri Merge report for your credit is a good place to start. Make sure all the information is accurate, then contact creditors to see if there is anything that can be done to raise your score. The process takes time and work, but with tenacity borrowers can often get the necessary funding approved.
About the Author:
Tom G. Honeycutt is a full-time real estate entrepreneur in Atlanta, GA. Tom helps readers by providing practical and useful knowledge to better understand lending choices. If you are looking for Best Atlanta Commercial Lending Group he suggests you visit his friend's to learn more.
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