Post a new topic
    4 Replies Latest reply on Jan 21, 2009 6:34 PM by LUCKIEST

    Business Loan

    ersluke Newbie
      I have been in construction business for many years. i have a low credit score(low 600's) but got 3 residential properties paid in full. i am in need of borrowing 250k to start a kitchen cabinet remodeling business in Houston,TX . anyone can help me with some directions?//
        • Re: Business Loan
          bmt2008 Adventurer

          In today's economy, you must first work on improving you credit score. Lenders are very particular about credit scores. They try to look for ways not lend. The first thing they look at is you score.


          Why $250K - what will the money be used for?


          If it is for equipment, I know a couple of leasing companies that could get you the equipment you need if your credit score is over 640.


          Also, if you have orders already in place, there are financing companies that can help you get the inventory you need to complete the orders - low credit is some times OK - just no bankruptcies.


          If you have already completed projects and are just awaiting payment, there are companies that will advance you money based on those invoices.


          Other than that, you must improve your credit score by more than 100 points.
            • Re: Business Loan
              ersluke Newbie
              $250 is for inventory and set up the store front
                • Re: Business Loan
                  bmt2008 Adventurer

                  Hard to do with such a low credit score. Most lenders want a 700 + credit score or assets other than residential property. What are the three properties used for (I would assume rentals)? Might be able to get HELOCs on those. There are several SBA or USDA programs that may lend up to 60% of those property values as long as your credit scores are in the middle to upper 600s. But, these programs are tough for no owner occupied properties.
              • Re: Business Loan
                LUCKIEST Guide
                Before you ask that first question...
                SBOCTeam at Jan 21, 2009 10:58 AM+

                your profile. Giving some background about yourself helps other
                Community members when trying to answer your small business questions.
                Its a quick and easy way to promote your business too. Complete your
                profile today!