Tag: Loan

Hometown Equity Mortgage, Equity Home Loan Lenders, Best Home Loans St #equity #mortgage #lending,

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How do I apply for a home equity loan in Missouri, Kansas, Illinois, Wisconsin or California?

The first step is to Get a Mortgage Quote!

Fill in Hometown s quick and easy Mortgage Quote form and we ll get back to you asap with a quote and a great mortgage rate! We re known for our customer service and want to help you get the home you deserve.

Hometown s Locations

We re an FHA VA approved home loan banker and have three offices to serve you in:
St. Peters / St. Charles
St. Louis
Kansas City

We re also licensed home equity mortgage lenders in:
Illinois
Kansas
Wisconsin
California

“TJ is an amazing asset to this company. He did a superb job helping me all the way through the refinance process. Thanks to him I got a lower rate and will be saving a few hundred dollars a month on my house payment. He was always very nice and polite, he was not rude or pushy and made the whole process quick and simple. I highly recommend TJ at Equity Home Mortgage if your thinking of refinancing your home or buying a new one. You won’t be disappointed.”

– Mildred I. / Goddard, Kansas

“Hometown Equity Mortgage ROCKS. My wife and I had the pleasure of working with Don Miller and Shawn Allen. The previous lenders we worked with in the past were not thorough as the team at Hometown Equity and not only did they explain every step of the process they notified us immediately of any outstanding requirements. Whenever my wife or I had a question they were there to answer it, whether by phone, email, or in person. This team genuinely cared about the process of having a home built. The team with the St. Peters office that we worked with was knowledgeable and helpful throughout the entire process. I highly recommend their services.”

– Paul & Demetria / Wentzville, MO

“I have had multiple experiences with HOMETOWN EQUITY MORTGAGE at 9233 WARD PKWY, Kansas City, MO 64114. My experiences have all been excellent! We re-financed our home with Hometown twice. They saved us money on our monthly payments and reduced the number of years we had to pay on our mortgage. We also financed, and then refinanced our office building in Lee’s Summit. This was especially helpful because Hometown was able to lower our monthly payments and allowed us to take out some cash to help expand our business. We recently moved to Texas and our son was buying a house in Lenexa under some unusual circumstances called the “Good Neighbor” program. He checked with a couple of local mortgage lenders and then called me for advice. He had told me that none of the companies he had contacted had any idea how to handle his situation. I told him to contact Hometown Equity Mortgage and they’d be able to figure it out. Well, in no time Hometown had his loan all fixed up. He is in his new home and only Hometown Equity Mortgage was able to do what no other company in the area could do.”

– John M. at Yelp / Dallas, TX





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Are VA Loans Assumable – Learn all the VA Loan Assumption Details Here #va

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Are VA Loans Assumable?

What is a mortgage assumption? and are VA loans assumable? An assumable mortgage simply means that it can be taken over by someone else. The person acquires that debt as though they had the loan all along, and the original borrower is released from all mortgage liability for that loan. But why would anyone want to assume someone else’s mortgage? Who can do it?

Below one of our senior VA loan experts Nate Burt talks more about VA assumptions in detail.

Reasons for a VA Loan Assumption

A huge reason why a person would want to do a VA assumption on someone else’s home loan is the interest rate. If current interest rates were very high, it would be wise in some cases to simply take over an existing loan with very low interest rates that reflect the market from several years ago rather than chance getting an unfavorable rate with an entirely new loan.

On the flip side, what does the original borrower get from a VA loan assumption? Would they have to get a different loan for their house? The buyer of the loan would likely pay the seller of the loan a significant portion of the net value of the interest rate difference, and the VA assumable mortgage would also likely give the original borrower’s home a value bounce.

It’s a win-win situation, right? Actually, the lender doesn’t always win in these situations since they are missing out on lending a new loan with higher interest rates.

VA Loan Assumption Requirements

So can a VA loan be assumed? Both VA loans and FHA loans can be assumed, but not by just anyone. First of all, both VA loans and FHA loans can be assumed if the loan closed before 1988 and 1989, respectively. (Most of the loans closed in these years would be near completion by now as it is.) Any loans that closed after this time must first get approval from the lender (and from the Department of Veterans Affairs for VA loans). With VA mortgages. there are a few additional conditions to be aware of:

  • The original veteran borrower loses his or her remaining entitlement benefits in most cases because those benefits do not stay with the individual; they stay with the mortgage.
  • The funding fee must still be covered, but it doesn’t matter whether the original borrower or new borrower pays it.
  • The new borrower must meet VA standards and the lender’s credit standards .

Buying or Selling an Assumable Mortgage

As with most mortgage decisions, it’s important to ask your loan officer if buying or selling assumable VA loans would be a profitable decision for you. To get another impartial opinion, try asking a professional financial advisor or a knowledgeable friend for their advice. At Low VA Rates, we have our veteran clients’ best interests at heart. We work hard every day to make sure our clients are in a better financial situation than they were before. To learn more, visit our site or give us a call.

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Mortgage Pre-Approval: Understanding the Process #getting #preapproved #for #a #mortgage #loan

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Mortgage Pre-Approval: Understanding the Process

While shopping for a home may be pleasant, serious buyers need to start the process in a lender ‘s office, not an open house – and by obtaining a mortgage pre-approval. This process, basically an evaluation that determines whether the borrower qualifies for a loan, is important for several reasons.

First and foremost, in today’s real estate market, most sellers expect buyers have one, and may only negotiate with people who have proof that they can obtain financing. Second, would-be homeowners learn the maximum amount they can borrow. They can also have an opportunity to discuss financing options and budgeting with the lender. Finally, if there is any problem with their credit, they’ll get a heads-up about it. (For related reading, see A Guide to Buying a House in the U.S ).

Pre-qualification Vs. Pre-approval

Although they sound alike, being pre-qualified for a loan is not the same thing as being pre-approved.

Pre-qualification is the initial step in the mortgage process, and it’s generally fairly simple. To pre-qualify for a mortgage, you meet with a lender (though the procedure can also be done over the phone or on the internet), and provide information about your assets, income, and liabilities. Based on that information, the lender will estimate roughly how much money you can borrow. The entire process is informal. It can be useful as an estimate of how much you can afford to spend on a residence, but because it’s a quick procedure – and based only on the information you provide to the lender – your pre-qualified amount is not a sure thing; it’s just the amount for which you might expect to be approved. For this reason, being a pre-qualified buyer doesn’t carry the same weight as being a pre-approved buyer who has been more thoroughly investigated.

With pre-approval, the lender checks your credit and verifies your financial and employment information and documentation; this not only confirms your ability to qualify for a mortgage but approves a specific loan amount (usually for a particular period, such as 90 days). (Learn more by reading Pre-Qualified vs. Pre-Approved – What’s The Difference? )

How to Get Pre-Approved

As you might suspect, the pre-approval process is more formal and involved. You’ll complete an official mortgage application (and usually pay an application fee), then supply the lender with the necessary documents to perform an extensive check on your financial background and current credit rating. (Typically at this stage, you will not have found a house yet, so any reference to “property” on the application will be left blank). From this data, the lender can tell you the specific mortgage amount for which you are approved. You’ll also have a better idea of the interest rate you will be charged on the loan and, in some cases, you might be able to lock in a specific rate.

“No verification” or “no documentation” loans are a thing of the past. The document requirements for mortgage pre-approval vary by lender and your individual circumstances, but typically, you’ll need to provide paperwork which shows your income. your assets and any regular commitments against your income.

These documents will include, but may not be limited to:

  • Thirty days of pay stubs that show income as well as year-to-date income
  • Two years of federal tax returns
  • Sixty days or a quarterly statement of all asset accounts including your checking, savings. and any investment accounts
  • Two years of W-2 statements

Borrowers also need to be prepared with proof of any additional income such as alimony or bonuses.

You will need to present bank statements and investment account statements to prove that you have funds for the down payment and closing costs on the residence, as well as cash reserves. If you receive money from a friend or relative to assist with the down payment, you will need gift letter s which certify that these are not loans and have no required or obligatory repayment. These letters will often need to be notarized .

“It’s important to have a paper trail of where your down payment and closing cost funds are coming from,” says Aiman Abozeid, branch manager for Inlanta Mortgage in Madison, Wisconsin. “You can’t use any undocumented ‘mattress money’ for your down payment or money you’ve deposited from a credit card withdrawal or gambling winnings. If you have any odd deposits, you’ll need to document them with deposit slips and an explanation to make sure they aren’t unauthorized gifts.”

For example, if you are getting married and are relying on the cash wedding presents you will receive for a down payment, lenders want that money deposited into your bank account as soon as possible and may even want to see a copy of your wedding invitation to ensure that the date of the deposit aligns with the date of the nuptials.

Simply put, any sudden change in your finances – for better or worse, but especially better – will need to be explained, and if you cannot document it, it likely won’t be counted.

Most lenders today reserve the lowest interest rates for customers with a credit score of 740 or above. Below that, borrowers may have to pay a little more in interest or pay additional discount points t o lower the rate. Most lenders require a credit score of 620 or above in order to approve an FHA loan, especially to qualify for a 3.5% down payment; borrowers with a credit score below 580 are required to make a larger down payment of 10% Lenders will often work with borrowers with a low or moderately low credit score and suggest ways they can improve. (For more, see Can You Hit A Perfect Credit Score? )

4. Employment Verification

Your lender will want to see your pay stubs and will likely call your employer to verify that you are still employed and to check on your salary. If you have recently changed jobs, a lender may want to contact your previous employer. Lenders today want to make sure they are loaning only to borrowers with a stable work history. Self-employed borrowers will need to provide significant additional paperwork concerning their business and income.

5. Other Documentation

Your lender will need to copy your driver’s license or state ID card and will need your Social Security number and your signature allowing the lender to pull a credit report. Be prepared at the pre-approval session and later to provide (as quickly as possible) any additional paperwork requested by the lender. The more cooperative you are, the smoother the mortgage process will be.

“If you have any unusual income or circumstances, you’ll need to provide other documents,” says Peter Boyle, a senior loan originator at Summit Mortgage Corporation in Plymouth, Minnesota. “For instance, if you’re divorced, I need to see a decree. If you filed bankruptcy, I need a full copy of the discharge documents. If you have rental income, I need a copy of the lease.”

Next Steps

Typically, the pre-approval process takes two to four weeks. Some lenders are beginning to experiment with online applications (see Get Approved for a Mortgage in an Hour ), which can be much faster.

With pre-approval, you will receive a conditional commitment in writing for an exact loan amount (and often an interest rate as well), allowing you to look for a home at or below that price level. Getting pre-approved for a mortgage also enables you to move quickly when you want to make an offer: It won’t be contingent on obtaining financing, which can save you valuable time.

Once you have found the right house for you, you’ll fill in the appropriate details, and your pre-approval will become a complete application. Final loan approval occurs when you have an appraisal done of, and the loan is applied to, a particular property.

If Approval Isn’t Forthcoming

If you fail to get pre-approved, all is not lost. Believe it or not, it is possible to ask the lender to send your file to someone else within the company for a second opinion on a rejected loan application. In asking for an exception, you’ll need to have a very good reason, and you’ll need to write a carefully worded letter defending your case.

If the problem lies in your financial past – and it’s a particular incident that’s instigating the rejection – you might have a chance if you can state the blemish on your record was a one-time event. This one-time event should have been caused by a catastrophe such as a large and unexpected medical expense, natural disaster, divorce or death in the family. You’ll need to be able to back your story up with an otherwise flawless credit history .

Shop Around

If the first lender you approach rejects you, there’s no reason not to try out a few other financial institutions. Sometimes one lender will say no while another will say yes. If every lender rejects you for the same reason, though, you’ll know that it’s not the lender that’s the problem, it’s your financial situation. Your only choice at this point is to fix the problem.

By the way, you can shop around for a mortgage, and it will not hurt your credit, according to the Consumer Financial Protection Bureau. a government agency. Within a 45-day window, multiple credit checks from mortgage lenders are recorded on your credit report as a single inquiry. This is because other creditors realize that you are only going to buy one home. You can shop around and get multiple pre-approvals, and the impact on your credit is the same no matter how many lenders you consult, as long as the last credit check is within 45 days of the first credit check.





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Trump Campaign Could Use New Donations to Pay Donald Trump $36M for Loan –

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Trump Campaign Could Use New Donations to Pay Donald Trump $36M for Loan

After railing against a corrupt fundraising system in the Republican primaries, Donald Trump now says he will raise hundreds of millions of dollars to compete in the general election.

But the new money Trump raises is available not only for future campaigning — it can also go directly into Trump’s pocket, reimbursing him for his personal spending in the primaries.

Donald Trump speaks to supporters in Charleston, West Virginia. CHRIS TILLEY / Reuters file

Trump aides say that option is not currently under discussion, NBC News has learned, but they also decline to rule out the possibility entirely.

After this article was published Friday, Trump said he is ruling out the possibility, telling MSNBC, I have absolutely no intention of paying myself back for the nearly $50 million dollars I have loaned to the campaign. Trump’s estimate appears to include additional money he loaned the campaign that has yet to be filed with the FEC, and he told MNSBC all of the loans are a contribution made in order to ‘Make America Great Again.’

The Trump campaign has not actually converted the loans into a contribution, according to the FEC. After this article was published Friday, aides told msnbc they expect to make that formal change in the near future.

Legally, Trump has the option of recouping any or all of the money he spent on the primaries.

That is because Trump almost never directly donates funds to his campaign. He has only spent about $317,000 of his own money outright.

The rest of his personal spending is structured as a loan to the campaign, which now owes Trump $35.9 million.

Those loans comprise about 75 percent of the campaign’s total funds. Another 25 percent are from individual donations during the primaries. (The numbers are from the campaign’s most recent filing. required under federal election law.)

Speaker Ryan: Meeting With Trump Was Very Encouraging 4:01

Loans and Payback

The main reason candidates use loans to fund their campaigns, election law experts tell MSNBC, is to maintain an option to pay themselves back later.

Former FEC general counsel Larry Noble believes that’s the case with Trump.

He loaned himself money — as opposed to contributing it — with the idea that he would pay himself back, says Noble, who is now general counsel of the Campaign Legal Center.

On the stump, Trump regularly invokes his choice to self-fund as crucial to his independence.

I’m self-funding my campaign, he said at an April rally in Rhode Island. Let me tell you, the politicians will never do the job because they’re bought and paid for, folks.

By that logic, Trump would presumably refuse outside money to pay back his loans. The same logic, however, would suggest he wouldn’t take outside money in the general election — the path he is now on.

Exclusive: Dan Quayle weighs in on Donald Trump, divided GOP 5:12

This week, two campaign sources told NBC that Trump will aggressively raise funds for the general election, and the campaign expects voters understand he has to do whatever it takes to win.

Asked about Trump’s loans in March, during the primaries, campaign manager Corey Lewandowski told the A.P. he is not going to repay himself.

That was months before the campaign decided to take this outside money for the general election, however, opening up a vast new source of campaign funds.

Now, as Trump adjusts his funding plans as the nominee, some campaign officials are striking a more circumspect note.

Paul Manafort, Trump’s convention manager, told MSNBC it is not the campaign’s intention right now to use fundraising to pay back the loans.

Asked if the option is off the table, Manafort says he has not discussed the idea with Trump, and the campaign’s focus is on spending for the future.

Another campaign aide tells MSNBC the possibility of Trump using donations to pay back his loans is not being discussed or considered. The aide declined to say the option is definitively off the table.

After this article was published Friday, Trump made his most unquivocal remarks on the issue since becoming the presumptive nominee, telling msnbc he has absolutely no intention of getting reimbursed for his loans, which he now estimates total close to $50 million.

Trump’s August Deadline

Legally, Trump has until August to pay himself back with any funds raised, right after the party’s convention.

He can’t use general election money to repay his primary debt, said former FEC lawyer Ken Gross. If he is going to repay it, he’ll have to pay it back with contributions raised before the convention.

That deadline is set by the McCain-Feingold campaign finance law. The law requires candidate loans be reimbursed within 20 days of an election, and the convention’s nomination of a candidate is treated as the end of the primary election.





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Ohio Pay Day Loan Stores #title #loan #stores

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Ohio Pay Day Loan Stores

Your Ohio ACE Cash Express makes it fast and easy to get the funds you need. Count on ACE online for all of your online Prepaid Debit Card and Payday Loan needs.

Ohio Store Services

Payday loans are short-term loans designed to help you pay your immediate expenses. The loan balance is due the following payday.

  • Easy application.
  • Fast cash available. 1

Title installment loans are secured loans for higher amounts of cash. Get a title loan with ACE, get the cash you need, and keep driving your car.

  • Easy application.
  • Fast cash available.*
  • Repay over time, not all at once.

The prepaid debit card gives you the power to manage your money. You can direct deposit to your card and easily withdraw cash in-store.

  • No hidden fees.
  • No minimum balance.
  • No confusing fee plans.

We can help you pay your bills accurately and quickly. All types of bills can be paid, including electricity, gas, water, cell phone, cable, satellite, insurance, credit card, and more!

  • Multiple payment methods accepted.
  • Over 13,000 available merchants.
  • Bills are paid using MoneyGram.

ACE Business Select makes it easy for you to manage your business finances. We offer business check cashing, and we cash most types of checks. No need to worry about pending transactions. Get your funds fast. Plus, there are over 1,000 ACE locations that are open extended hours and weekends to serve your business needs.

  • ACE is open extended hours and weekends.
  • No bank account necessary.

Turn your check into cash without a bank account. ACE is the largest check cashing service in the United States. Our convenient process does not require a bank account. We make it easy!

  • No credit check necessary.
  • No waiting. Get your funds today.
  • Most types of checks accepted.

Money orders are a safe, widely accepted form of payment. Because you have a receipt of the transaction, the money order is traceable if it is lost or stolen. When confidence matters, send a MoneyGram money order in the mail instead of cash. Purchase your money orders with cash, a debit card, or a traveler’s check in any denomination up to $1,000 (varies by state) by visiting one of over 1,000 ACE Cash Express stores.

  • Fees starting at $0.89.
  • Money orders can be deposited into bank accounts.

When you need money sent worldwide in a flash, the money transfer service can help you get your cash where it needs to go. With options for same-day and three-day services, you can choose the speed or cost savings that fit your needs.

  • Send money to over 200 countries.
  • Money is sent securely by MoneyGram.

No matter where you had your taxes prepared, ACE is the place to get your refund cashed. We cash large checks and you can walk out of the store with your cash in hand. You can also load your tax refund proceeds directly onto a debit or prepaid card.

  • Over 1,000 ACE locations.
  • We cash large checks.

Ohio Online Services

Payday loans are short-term loans designed to help you pay your immediate expenses. The loan balance is due the following payday.

  • Easy application.
  • Fast cash available. 1

Installment loans are short-term loans that offer higher loan amounts than payday loans and give the borrower more time to pay back the loan than payday loans do.

  • Repay over time, not all at once.
  • Fast cash available. 1

The prepaid debit card gives you the power to manage your money. You can direct deposit to your card and easily withdraw cash in-store.

  • No hidden fees.
  • No minimum balance.
  • No confusing fee plans.

Ohio Locations Other States

  1. All loans subject to approval pursuant to standard underwriting criteria. Rates and terms will vary depending upon the state where you reside. Not all consumers will qualify for a loan or for the maximum loan amount. Terms and conditions apply. Loans should be used for short-term financial needs only, and not as a long-term solution. Customers with credit difficulties should seek credit counseling.​ ACE Cash Express, Inc. is licensed by the Department of Business Oversight pursuant to Financial Code Section 23005(a) of the California Deferred Deposit Transaction Law. Certain loans in California are made or arranged pursuant to Department of Business Oversight California Finance Lenders License. Loans in Minnesota made by ACE Minnesota Corp. Loans in Ohio arranged by FSH Credit Services LLC d/b/a ACE Cash Express, CS.900100.000, and made by, and subject to the approval of, an unaffiliated third party lender. Loans in Texas arranged by ACE Credit Access LLC and made by, and subject to the approval of, an unaffiliated third party lender. ACE Cash Express, Inc. is licensed by the Virginia State Corporation Commission, PL-115. If applying online, loan funding requires verification of application information. Depending on ability to verify this information, loan funding may be extended up to two days. All loans subject to approval pursuant to standard underwriting criteria. In-store cash pickup is subject to approval pursuant to standard underwriting criteria. In-store cash pickup not available in all states. Online loans not available in all states.

Terms and conditions apply. All checks subject to approval.

ACE Cash Express, Inc. 1231 Greenway Drive, Suite 600, Irving, Texas, 75038, CC. 700194.000.

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  • 2 ATM owner fees may also apply.

    3 Calculation based on 5 PIN Purchase Transactions and 5 Signature Purchase Transactions.

    4 To be eligible for this optional fee plan, have $500 deposited to the ACE Elite Prepaid Card during one calendar month. See Cardholder Agreement for details.

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  • Small Business Administration (SBA) #small #business #association #loan

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    Small Business Administration – SBA

    DEFINITION of ‘Small Business Administration – SBA’

    The Small Business Administration (SBA) is a U.S. government agency, formulated in 1953, that operates autonomously. This agency was established to bolster and promote the economy in general by providing assistance to small businesses. One of the largest functions of the SBA is the provision of counseling to aid individuals trying to start and grow businesses. On the agency’s website, (SBA.gov ), there is a wealth of tools to assist small businesses including a small business planner and additional training programs. Localized SBA offices throughout the United States and associated territories offer in-person, one-on-one counseling services that include business plan writing instruction and assistance with small business loans .

    BREAKING DOWN ‘Small Business Administration – SBA’

    The SBA offers substantial educational information with a specific focus on assisting small business startup and growth. In addition to educational events offered on the SBA’s website, local offices also provide more personalized special events for small business owners.

    The History of the SBA

    The SBA was established by President Eisenhower through the signing of the Small Business Act in the summer of 1953. In its more than six decades of existence, the SBA has been threatened on numerous occasions. The House of Representatives, controlled by the Republican party in 1996, had the SBA slated to be eliminated. However, the agency survived this threat and went on to receive a record budget in 2000. The SBA faced further threat by President Bush and his administration. Though attempts to cut the agency’s loan program saw significant resistance in Congress, the SBA’s budget was cut repeatedly each year, from 2001 to 2004, when certain SBA expenditures were frozen altogether.

    The SBA Loan Program

    The loan programs offered by the SBA are among the most visible elements the agency provides. The organization does not offer grants or direct loans, with the exception of disaster relief loans, but instead guarantees against default pieces of business loans extended by banks and other official lenders that meet the agency’s guidelines. The number one function of these loan programs is to make loans with longer repayment periods available to small businesses.

    The Future of the SBA

    As of 2016, despite numerous attempts to do away with the SBA entirely, many political officials and offices continue to support the agency. President Barack Obama and his administration have continually supported the SBA and remain backers of a substantial budget allotment for the agency. The SBA’s ability to offer loans has also been significantly strengthened by the American Recovery and Reinvestment Act of 2009 and the Small Business Jobs Act of 2010.





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    CollegeData: College Search, Financial Aid, College Application, College Scholarship, Student Loan, FAFSA Info, Common

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    How Can I Get a Guaranteed Small Business Loan With Bad Credit? #small #business

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    How Can I Get a Guaranteed Small Business Loan With Bad Credit?

    by Malik Sharrieff

    Attaining financing with poor credit can be a daunting task.

    bank image by Pefkos from a href= http://www.fotolia.com Fotolia.com /a

    Related Articles

    Many small and mid-sized businesses in their first few years of operation will encounter the need for additional capital to overcome temporary cash flow issues, expand services or enter new markets. Unfortunately, you might find yourself in this position before you have had the opportunity to establish an independent credit history for your business, or your personal credit may be less than what is necessary to attain additional financing. In this situation, getting a small business loan despite poor credit can be a critical issue.

    1. Evaluate your financial needs. Most often, business owners will be denied financing because their credit does not merit the amount being requested. Be certain that your plans could not be completed with fewer dollars before you seek financing. Also, when you do consult with a lender, ask them directly if your current credit situation would merit financing at a lower amount.

    2. If your financial needs are less than $35,000, you may qualify for a Small Business Administration (SBA) 7(a) loan. The SBA has several loan programs under the 7(a) category. These loan programs are government-guaranteed so lenders are willing to extend financing to business owners with less than exemplary credit. The SBA can provide you with a listing of lenders who participate in the loan program that would best fit your situation and you can apply directly through that lender. Before applying, visit the SBA office in your area to get direction on how to best present your situation to the lender to improve your odds of a successful application.

    3. Offer land, equipment, or other business assets as collateral to secure the loan. If lenders are able to reduce their risk by securing assets in the event you cannot repay, they will be more inclined to take a chance on your business.

    4. Research a business cash advance. This is a financing option that would only be reasonable if your need does not exceed a few thousand dollars and your need is due to cash flow issues. However, if your business can show at least $2,500 in monthly receipts and you have been in business for at least one year, it is possible that you can get a business cash advance of up to $10,000. If you decide to pursue this option, it is important that you shop the terms and interest rates of cash advance companies very carefully.

    About the Author

    Malik Sharrieff is a marketing and business communications professional in New Orleans. He has more than 15 years of experience in marketing, public relations and customer relationship management; over eight years of experience as an academic writer; and as an online journalist for two years.

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    SBA Construction Loans, Green Commercial Building – Construction Loans #sba #504 #commercial #construction #loan,

    #

    SBA Construction Expansion Loans

    The SBA 504 Loan – Commercial Construction Loans

    The SBA 504 Commercial Construction Loan allows Small and Mid-Sized Businesses to build an owner occupied commercial property from the ground up or to expand an existing facility.

    Owner Occupied for ground up small business construction loans means your business occupies 60% or more of the new space. (51% if renovating an existing building).

    100% Financing

    100% Financing is available via the 7a program for established businesses for general purpose or multi-use buildings as well as doctors, dental practices, veterinary clinics and occasionally for a few other businesses including funeral homes and independent pharmacies.

    We will be providing more specific information re: the 100% program in the near future, but please contact us at 1-800-414-5285 for more info.

    You can also visit our 100% Financing page here and our medical and dental pages here .

    10% Down Commercial Financing – 90% Loan to Cost


    The 7a and 504 construction loan programs offers great leverage
    which helps you preserve capital, maximize tax deductions and control your overhead.

    Most business owners are interested in conserving cash when it comes to commercial financing and these programs allow you to keep more of your working capital than most any other available commercial loan.

    SBA Construction Loan Benefits

    1. The SBA 504 loan allows 10% down payment or equity injection for commercial construction projects and you can come out of pocket the down payment or use land that you already own as equity. (If you’ve owned the land for 2 years or more you may be able to use current appraised value). The 7a program allows up to 100% financing.
  • The 504 and the 7a allow you to finance construction costs, closing costs and soft costs including interim construction interest, architectural fees, surveys, title insurance, engineering fees and even moving costs associated with calibrated equipment allowing business owners to keep their cash for other expenditures.
  • The 504 and the 7a allow you to finance the cost of long term machinery and equipment. The 504 requires that the equipment have a useful life of greater than 10 years. This is a big benefit for any business utilizing expensive equipment to manufacture products or provide services.
  • Both programs offer long term amortizations – the 504 is typically a 25 year first mortgage and a 20 year second mortgage while the 7a is just one loan for 25 years. The second mortgage for the 504 is a below market fixed rate and there is no balloon or call provision on either loan. It is a one and done proposition – there is no re-qualifying later – allowing you to better control your overhead and plan for the future.
  • Both programs allow you to initially lease up to 40% of your newly constructed space to another business and for existing buildings you can permanently lease up to 49% of the commercial space.

    The 504 Loan – Not Just For Small Businesses

    The 504 is technically a Small Business program, but the generous loan amounts* and net worth and and income limits make it available to mid sized businesses. Current SBA guidelines allow a business to have a tangible net worth up to $15 million and net – after tax – profits of up to $5 million on average for the last 2 years.

    The 7a allows loans for larger businesses as well, but the maximum loan is $5 milllion.

    Large Project? Go Green

    The 504 allows higher loan amounts and the ability to fund multiple projects if you use or produce renewable energy or if you make a building 10% more energy efficient.

    Multiple projects upwards of $15,000,000+ (possibly as high as $20 million) are possible and there are numerous local, state and Federal incentives for building green or for retrofitting a building to make it more energy efficient. or using or producing renewable energy.

    Commercial Construction Loan – Other Options in Current Market

    Most lenders have recovered nicely from the Recession and there are now many viable options for commercial construction financing including:

    • CMBS Loans (Commercial Mortgage Backed Securities)
    • Life Companies
    • EB-5 Financing (can be combined with other forms of financing including SBA 504)
    • Traditional Bank Loans
    • USDA B I (Business Industry) Loans (property must be rural or semi-rural)
    • HUD Loans (for multi-family and senior care)
    • Single Tenant Development loans

    Please contact us at 1-800-414-5285 for more info regarding 504 commercial construction loans or one of these other types of financing.

    A Note About Modular Construction

    One of the easiest ways to build an energy efficient building is with modular construction or prefabricated walls. Modular construction uses structurally insulated panels which typically cut construction time in half and reduce energy consumption by 50% or more for many structures.

    Please click here for more info.





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  • Trump Campaign Could Use New Donations to Pay Donald Trump $36M for Loan –

    #campaign donations

    #

    Trump Campaign Could Use New Donations to Pay Donald Trump $36M for Loan

    After railing against a corrupt fundraising system in the Republican primaries, Donald Trump now says he will raise hundreds of millions of dollars to compete in the general election.

    But the new money Trump raises is available not only for future campaigning — it can also go directly into Trump’s pocket, reimbursing him for his personal spending in the primaries.

    Donald Trump speaks to supporters in Charleston, West Virginia. CHRIS TILLEY / Reuters file

    Trump aides say that option is not currently under discussion, NBC News has learned, but they also decline to rule out the possibility entirely.

    After this article was published Friday, Trump said he is ruling out the possibility, telling MSNBC, I have absolutely no intention of paying myself back for the nearly $50 million dollars I have loaned to the campaign. Trump’s estimate appears to include additional money he loaned the campaign that has yet to be filed with the FEC, and he told MNSBC all of the loans are a contribution made in order to ‘Make America Great Again.’

    The Trump campaign has not actually converted the loans into a contribution, according to the FEC. After this article was published Friday, aides told msnbc they expect to make that formal change in the near future.

    Legally, Trump has the option of recouping any or all of the money he spent on the primaries.

    That is because Trump almost never directly donates funds to his campaign. He has only spent about $317,000 of his own money outright.

    The rest of his personal spending is structured as a loan to the campaign, which now owes Trump $35.9 million.

    Those loans comprise about 75 percent of the campaign’s total funds. Another 25 percent are from individual donations during the primaries. (The numbers are from the campaign’s most recent filing. required under federal election law.)

    Speaker Ryan: Meeting With Trump Was Very Encouraging 4:01

    Loans and Payback

    The main reason candidates use loans to fund their campaigns, election law experts tell MSNBC, is to maintain an option to pay themselves back later.

    Former FEC general counsel Larry Noble believes that’s the case with Trump.

    He loaned himself money — as opposed to contributing it — with the idea that he would pay himself back, says Noble, who is now general counsel of the Campaign Legal Center.

    On the stump, Trump regularly invokes his choice to self-fund as crucial to his independence.

    I’m self-funding my campaign, he said at an April rally in Rhode Island. Let me tell you, the politicians will never do the job because they’re bought and paid for, folks.

    By that logic, Trump would presumably refuse outside money to pay back his loans. The same logic, however, would suggest he wouldn’t take outside money in the general election — the path he is now on.

    Exclusive: Dan Quayle weighs in on Donald Trump, divided GOP 5:12

    This week, two campaign sources told NBC that Trump will aggressively raise funds for the general election, and the campaign expects voters understand he has to do whatever it takes to win.

    Asked about Trump’s loans in March, during the primaries, campaign manager Corey Lewandowski told the A.P. he is not going to repay himself.

    That was months before the campaign decided to take this outside money for the general election, however, opening up a vast new source of campaign funds.

    Now, as Trump adjusts his funding plans as the nominee, some campaign officials are striking a more circumspect note.

    Paul Manafort, Trump’s convention manager, told MSNBC it is not the campaign’s intention right now to use fundraising to pay back the loans.

    Asked if the option is off the table, Manafort says he has not discussed the idea with Trump, and the campaign’s focus is on spending for the future.

    Another campaign aide tells MSNBC the possibility of Trump using donations to pay back his loans is not being discussed or considered. The aide declined to say the option is definitively off the table.

    After this article was published Friday, Trump made his most unquivocal remarks on the issue since becoming the presumptive nominee, telling msnbc he has absolutely no intention of getting reimbursed for his loans, which he now estimates total close to $50 million.

    Trump’s August Deadline

    Legally, Trump has until August to pay himself back with any funds raised, right after the party’s convention.

    He can’t use general election money to repay his primary debt, said former FEC lawyer Ken Gross. If he is going to repay it, he’ll have to pay it back with contributions raised before the convention.

    That deadline is set by the McCain-Feingold campaign finance law. The law requires candidate loans be reimbursed within 20 days of an election, and the convention’s nomination of a candidate is treated as the end of the primary election.





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