Do you require money for various reasons ? Looking for private lender guide? Fees: In addition to looking at interest rates, know all the fees associated with each loan. Note origination fees, prepayment penalties, closing costs, and other fees or restrictions. An interest rate might look appealingly low, but the total cost of the loan may be much higher once you factor in the fees. Loan to value (LTV): This figure measures a commercial real estate loan’s amount in relation to property value. The higher the LTV, the riskier the transaction becomes for the bank and the higher the interest rate you will be charged. Review the LTVs of each lender to find the best fit.
Unlike traditional loans, the eligibility criteria for personal loans are simple and straightforward. Lenders would want to check your credit history and credit score to determine whether or not you are capable of making the monthly payments on time every time. Since there is no collateral or security involved, your credit score is the only means of assurance a lender will have. Therefore, you would need a high credit score to get a personal loan. Certain banks also look at your monthly income statements when deciding whether or not they should approve your personal loan. Each bank will have its own minimum monthly income requirement although the exact amount may differ from one bank to another. Read more info at Commercial loans .
Build Your Credit Portfolio: Personal loans are a great way to expand and build your credit portfolio within a short span of time. Also, they can be a good way to increase your credit limit since your credit limit is directly related to the health of your credit portfolio. A properly managed loan adds to it positively. Fast Processing: Personal loans do not require elaborate paperwork. Most banks grant personal loans instantly if your credit history seems good enough and you are an existing customer. Case in point is HDFC Bank’s 10-second loan for people holding a savings account with the bank.
When the company directors don’t have commercial security to offer, the lenders will ask for a personal guarantee. These documents allow the using of a personal asset to secure a commercial loan, commonly a family house. While personal guarantees are now standard practice and facilitate much needed finance, they should also be used with caution and always with full understanding of the potential consequences. If the business should other default on the loan, or become insolvent with the loan outstanding, the personal guarantor’s property will be sold. While the limited company structure commonly protects directors from the fallout of business insolvency, with its clear separation between corporate and personal debt, personal guarantees are specifically designed to surmount these laws and breach the corporate veil.
Mortgages for bad credit could let you buy a home even if you have had financial difficulties in the past. Here is how to get a mortgage with bad credit. Mortgages with no deposit are not offered unless you have a guarantor named on the mortgage too. However, it can still be possible to get on the property ladder if you have a very small deposit saved; this guide explains how. Self employed mortgages are for if you run your own business or have an income that is hard to prove to lenders. Here is how to get a self-employed mortgage. Commercial mortgages let you buy property for your business or as an investment. Here is how to get a mortgage for your business. Mortgages for older borrowers could accept you even if you are over the maximum age specified by most lenders; here is how to find one.
Greenlight Funding provides low-interest affordable loan programs for home and commercial real estate. Loan programs available up to 100% financing. Fixed and adjustable rates for single and multifamily real estate, construction loans, fix and flip and business loans from SBA and private lenders. We cater to homeowners, real estate investors, and business owners and are dedicated to helping you to fulfill your goals. Call us at 917-722-1761 and get your prequalification today. Submit your inquiry today and see how much lower our rates are than the big banks. Then fill out our short application to see if you qualify and obtain a pre-approval letter.
Business Name: Greenlight Funding, Manhattan
Address: 99 Wall Street, Suite 1605, NY, NY 1005