Home: Message List - Yet another business loan request

Re: Yet another business loan request

Loanpro — Thu, 07 Aug 2008 16:03:29 GMT

I read all of your information included in these replies and I can help you get the loans or lines of credit you need. That's what my business does. All you have to do is give me your email address and I can send you the paperwork to fill out.

Re: Yet another business loan request

SBGuru — Thu, 07 Aug 2008 14:53:30 GMT

I am in GA. But can work with properties nationwide. If you would like to talk further regarding your request shoot me an email @ obeaty11@yahoo.com. Well, I have to get to the airport. As we say in the business banking world, " P & P" Package and Present...

Re: Yet another business loan request

Milleisen — Thu, 07 Aug 2008 04:13:18 GMT

If you are seeking a professional to walk you through the process, I'd be happy to talk to you about it. All my contact info is on my profile.

To address your question about whether a community bank is the best route, it really will depend on the details of your request and what ancillary business would come with it. If the LTV and cash flow coverage leave the loan "on the fence", having balances to deposit or using their merchant services could make the difference. The big benefit of a community bank is that the decisions tend to be more local, so they will definately look harder at your request if they see the benefit of the whole relationship. That said, community banks typically will cost you a little more because they deal in less volume than the big boys. When I was a community banker, we had the benefit of being a little creative in order to get deals done. We thrived on financing the deals that were out of the big banks cookie cutter parameters. If you are flexible, going the community bank route could work.

Re: Yet another business loan request

whalteva — Thu, 07 Aug 2008 03:45:53 GMT

Hi...any other thoughts??? Thanks

Re: Yet another business loan request

whalteva — Wed, 06 Aug 2008 03:55:33 GMT

Re: Yet another business loan request

SBGuru — Wed, 06 Aug 2008 03:45:22 GMT

What state are you in? What state are the properties in?

Re: Yet another business loan request

whalteva — Tue, 05 Aug 2008 02:46:00 GMT

Hi again as well, what else I need to know is who to submit application to???
Do I go the local bank route? Do you handle things of this nature? Where are
all the funding brokers that continuously post on here?? With what I bring to
the table not enough......................... So what else I need to know is where to
turn??? Thanks

Re: Yet another business loan request

SBGuru — Tue, 05 Aug 2008 01:59:52 GMT

Well... So we meet again!@

Nice to hear from you. Ok, down to business. 1120 & 1140 is in line, Personal DTI should be around 38% in today's market. Business DTI (inclusive of D&B reported expenses & expenses related to the debt you mentioned initially) should be around 40 - 42% (exception to higher DTI approval are seen in today's market dependent on compensating factors, i.e. spousal income, IRA, liquid assets, etc.)

When I mentioned disposable income I was not talking about a "sizable amount". Yet, I am talking about an amount equal to the national average reserves (6-8 months) or simply stated an amount one should have given total debt expenditures. This is at underwriter's descretion!!!!!

As you mentioned personal credit score is high vs low debt.

My question to you is what else do you need to know? Get your last two years taxes (personal and business) & Submit application!!!!

Re: Yet another business loan request

whalteva — Mon, 04 Aug 2008 21:59:35 GMT

Thanks east coast banker.

The income is higher than the business debt as 1120 will attest to. Personal

income is higher than personal debt,as 1040 and credit report will attest to. Personal

credit score very high,low debt. Business credit, have various tradelines reporting,but

have not paid as much attention to that. I've always found more attention is paid to

personal credit. I have the assets in terms of the real estate I previously mentioned,

land, commercial building,and 2 residential properties currently rented as well as the

commercial office building. As for disposable income and liquid assets, I guess if
I had a large amount of disposable income or liquid assets I would not be looking for
sizeable funding for my business. I have money tied up in an IRA and other investment
vehicles, but not entirely liquid. I believe we are well inside the box. We offer more

positive attributes to a banker than negative. Any possibilities? Thanks

Re: Yet another business loan request

SBGuru — Mon, 04 Aug 2008 03:33:07 GMT

It will depend on Business Debt to Income, Personal Debt to income, business credit, personal credit, Equity Position (total risk exposure). In todays market banks are looking for low risk investments. If your loan request is completely outside the box, then odds are you will not get approved. On the other hand if net total profit, disposable income, and liquid assets are healthy then you would be on your way to getting approved. Be open to banker suggestions, in todays market the bank representatives are seeing alot of turndowns so they know by experience what the underwriters are looking for. Lastly, if you are under time constraints quickly inform the banker, the average open to close on large loan amounts are about 35 - 60 day approval periods.

Sign,
EAST COAST BANKER