Tag Archives: good
How To Find Bad Credit Lenders
First, what is a bad credit lender?
A bad credit lender is normally a small company, not a bank, that offers loan programs to individuals or business owners that have no credit or bad credit.
Generally speaking, banks only offer loans to individuals or business owners that have good credit.
A credit score of 600 or above would be rated as having good credit.
You maybe thinking, do you have good credit? The best way to find that out is to order your credit report and score online.
Another way to find out if you have poor credit is to ask yourself:
Have you been late on your payments more than three times over the last 6 months?
Do you have any closed accounts on your credit report?
Have you ever filed for bankruptcy?
Do you have any judgments on your report?
If you have answered yes for any of the questions above, you have no credit or bad credit.
What About Loans From A Bank?
Banks are not in the business of giving individuals loans that have no credit or bad credit. If you have no credit or poor credit, you must look for companies that offer loans to individuals that have bad credit.
You would just make your credit worst by applying with a bank, because your credit score is reduced every time you are turned down.
How To Find A Bad Credit Lender?
The best way to find these types of lenders is to go online and purchase a list of poor credit lenders. I am not aware of any websites that offer this information for free.
Order a list of lenders and contact each one by phone, to go over what they can offer.
It would help if you can get a copy of your credit report before contacting a lender. This would make their job easier because you can just tell them what is on your credit report. They could immediately tell you if they can help you to get approved for a loan.
Be sure to tell each company what is on your credit report. This will save you and the company a great deal of time.
Do not apply with companies that only want to check your credit before they will talk to you.
Even if they were not willing to review your credit report over the phone, you could still ask them what type of credit do they accept. Some companies can tell you up front that they do not accept individuals that have an R9 on their credit report.
Do not apply to a lender that charges an application fee. It is illegal for a lender to charge an up front application fee. A lot of companies that charge an application fee are not lenders. They are marketing companies that are just going to send your application to a lender.
A lot of people try using their local newspaper to find a bad credit lender. This is not a good idea, because you will only find marketing companies that charge a fee to accept your application. Once you have sent in your money and application, they would forward your application to a lender.
Take the time to go online to find the best current list of bad credit lenders.
Obtaining an Office Building Commercial Loans
Office buildings are a huge part of the community fabric. They create jobs, promote more business to come into the area and generate revenue for the entire community through their businesses. Office buildings, specifically ones with multiple tenants or very strong credit rated tenants, can be eligible for extremely favorable terms.
Property ownership of an office building can transfer many times over several decades, with new investors coming in and reworking the building, its tenants and its general look. Of course, the investment process for office buildings varies from that of other property types. Office buildings are often driven through the location, management skill and quality of their tenants.
Financing for an office building depends on a number of different considerations that go beyond the ability of the borrower to pay back the loan. Some things that have to be considered are the loan to value and debt coverage ratio. Typically, excluding SBA financing, an office building will need a loan to cover 80-90 percent of the purchase price, with the investor putting a 10-20 percent down payment on the building. Also, the debt coverage ratio should not be less than 1.2, which would require the borrower to generate a net cash flow that is 120 percent of the debt service amount.
Other factors need to be looked at with an office building commercial loan, including how many tenants have come into the building and left in the past ten or so years, and how many tenants are currently in a lease agreement, at that moment. If most of the tenants are in their fourth year of a ten year lease, then it is possible, after looking at rollover and renewal scenarios, that the debt coverage ratio will not be enough for the borrower to pay off.
Location for the office building should be considered, as well as its design and workmanship. Physical factors, such as these, will affect whether businesses move into the area, and into that building. Commercial lenders will look at the market-wide statistics of the building, including whether or not there is a high vacancy rate in the community, economic vitality of the area and the development activity.
For a good quality office building, the typical interest rate varies between 6.5 percent and 7.5 percent over a ten year term with a 25-30 year amortization period. Since office buildings are so dependent on the market, local economy, location and other characteristics, it can be difficult for a borrower to secure a commercial loan in softer markets. If there is a high vacancy in the building, then financing most likely will not be approved. However, on that note, if the building has a good history of constant tenants, and is in a good location, then there is a good chance the loan will be approved by the commercial lender.
Any borrower should have an excellent business plan before approaching a lender. Understanding the market and viability of the area the office building is in will help determine if a loan is approved or not. Be sure to do the research before approaching a lender. Get more information