Comments on: can anyone tell me where to apply for a small business even with fair credit using my equity in my home? http://ethxbiz.com/can-anyone-tell-me-where-to-apply-for-a-small-business-even-with-fair-credit-using-my-equity-in-my-home Ethical Resources For Ethical Small Business Owners Sun, 08 Jan 2012 00:00:29 -0600 http://wordpress.org/?v=2.9.2 hourly 1 By: boston857 http://ethxbiz.com/can-anyone-tell-me-where-to-apply-for-a-small-business-even-with-fair-credit-using-my-equity-in-my-home/comment-page-1#comment-3422 boston857 Sun, 14 Feb 2010 06:36:59 +0000 http://ethxbiz.com/can-anyone-tell-me-where-to-apply-for-a-small-business-even-with-fair-credit-using-my-equity-in-my-home#comment-3422 any bank esp. a community bank would be a good bet. make sure you ask if they are preferred SBA lenders since they have programs for small business owners that mitigate credit risk.. any bank esp. a community bank would be a good bet. make sure you ask if they are preferred SBA lenders since they have programs for small business owners that mitigate credit risk..

]]> By: Joe K http://ethxbiz.com/can-anyone-tell-me-where-to-apply-for-a-small-business-even-with-fair-credit-using-my-equity-in-my-home/comment-page-1#comment-3423 Joe K Sun, 14 Feb 2010 06:36:59 +0000 http://ethxbiz.com/can-anyone-tell-me-where-to-apply-for-a-small-business-even-with-fair-credit-using-my-equity-in-my-home#comment-3423 Do you still have equity in your home? If so, how much? The easiest route is to use the equity to buy this property. Now, if your equity is not enough to purchase the entire property you need to find financing for the difference. You will need a strong business plan and up to date and hopefully good looking books on your current business. If your business does not historically support the loan you are asking for, then the banks will rely on your personal credit and income to support it. If none of those work, it may be difficult to get a loan. Try to find some creative ways to do it. Will the owner hold a second mortgage for you? Will they allow you to lease to own with a downpayment? Can you find friends to buy the commercial space and you lease-to-own from them? If your business will support the purchase, then you just need the historical figures to qualify for a loan. You can also look into an SBA Loan. Best of luck. Joe... Do you still have equity in your home? If so, how much? The easiest route is to use the equity to buy this property. Now, if your equity is not enough to purchase the entire property you need to find financing for the difference.

You will need a strong business plan and up to date and hopefully good looking books on your current business.

If your business does not historically support the loan you are asking for, then the banks will rely on your personal credit and income to support it. If none of those work, it may be difficult to get a loan. Try to find some creative ways to do it. Will the owner hold a second mortgage for you? Will they allow you to lease to own with a downpayment? Can you find friends to buy the commercial space and you lease-to-own from them?

If your business will support the purchase, then you just need the historical figures to qualify for a loan. You can also look into an SBA Loan.

Best of luck.

Joe…

]]> By: Mike R http://ethxbiz.com/can-anyone-tell-me-where-to-apply-for-a-small-business-even-with-fair-credit-using-my-equity-in-my-home/comment-page-1#comment-3424 Mike R Sun, 14 Feb 2010 06:36:59 +0000 http://ethxbiz.com/can-anyone-tell-me-where-to-apply-for-a-small-business-even-with-fair-credit-using-my-equity-in-my-home#comment-3424 Hi, it's not always easy to find the right companies. I've done some research and found two which are very reputable and trusted in this field. You might check them out and then choose one which best suits you: http://www.usefulresources.info/eloan-cj.html http://www.usefulresources.info/lowrates-lendingtree-az.html Hope that helps. Wish you all the best! Mike Hi,

it’s not always easy to find the right companies. I’ve done some research and found two which are very reputable and trusted in this field. You might check them out and then choose one which best suits you:

http://www.usefulresources.info/eloan-cj.html
http://www.usefulresources.info/lowrates-lendingtree-az.html

Hope that helps. Wish you all the best!

Mike

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