If there is anything that can help you or hurt you its your credit score. No matter what type of loan you are going after, your credit score will definitely be a determining factor as to whether you get the loan, and or how much its going to cost you.
Its sad but true the people that have the hardest time paying their credit card bills are the borrowers that get penalized the most when it comes to cost of new credit. Common sense would say the opposite. But who says banks apply common sense.
I guess its the old adage only get a loan when you don't need the loan, so that when you need the money its there.
Back to your score. It should be over 650 for an SBA loan, and at least a 625 for a commercial loan. Now just because your credit is higher does not mean that you are guaranteed a loan In commercial unlike residential it all comes down to the cash flow of the project,
So before you spend your hard earned dollars on any investment make sure it cash flows. For a FREE No Obligation Professional Loan Analysis
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment