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    15 Replies Latest reply on Aug 7, 2008 12:03 PM by Loanpro

    Yet another business loan request

    whalteva Wayfarer
      Is this an option? Would a bank consider if I had a commercial property, 2 single family
      rental properties, raw land including waterfront, established business well over 2 years,
      at least $300 k gross, shows a profit, good 1120's and 1040's.

      With all this in mind would a bank consider rolling in all these properties and based on good
      credit, etc. offer us a $500,000.00 bank loan or line of credit? Thanks.
        • Re: Yet another business loan request
          LUCKIEST Guide
          Yet another business loan request

          With 27 posts, do you want to share some info, like Who you are?? Where you are??

          Do you have an Accountant??, Lawyer?? Have you developed a Business Plan??
          A Bus Plan is one of the first items a bank or lender wants to see.

          • Re: Yet another business loan request
            SBGuru Newbie

            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.

              • Re: Yet another business loan request
                whalteva Wayfarer

                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
                Milleisen Scout

                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
                  Loanpro Newbie

                  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.