Today we will talk about the Coronavirus and its impact on the Lending Institutions. Unfortunately over a hundred thousand people have died within four months and the banking institutions are really nervous. 40 million people are unemployed, so this makes the banks really apprehensive. The Banks main concern is how will the borrower pay back the funds.

Many Lenders before the coronavirus would Finance 100% loan to value on fix and flips. Today however the climate has changed. Lenders are requesting 20% to 25% down. Not including Closing Cost. However We Say Yes Commercial Loans have access to Lenders that offer !00% loan to value right now.

Lending right now is critical. Lenders are seeing a spike in applications after rate cuts. What estimates show is more than 11 million candidates as of early March applied for a Loan. As a Financial Institution the response to these issues are very important to future customers. So now Lenders are opening their doors accepting applications and we are the Main Broker.

We can only pray that the coronavirus pandemic will end...

UNSECURED BUSINESS LOAN

HELLO AND WELCOME TO OUR BI-WEEKLY POST. TODAY’S TOPIC IS HOW

TO RECEIVE AN UNSECURED LOAN AND WHAT EXACTLY IS THE

UNSECURED LOAN.

AN UNSECURED BUSINESS LOAN IS A LOAN THAT REQUIRES

ABSOLUTELY NO COLLATERAL WHATSOEVER. IT IS BASED TOTALLY ON

THE CREDIT OF THE SMALL BUSINESS BORROWER. A SIGNATURE LOAN

IS A PRIME EXAMPLE OF WHAT AN UNSECURED LOAN REALLY IS.

TO QUALIFY FOR AN UNSECURED LOAN YOU MUST HAVE A MINIMUM OF

A 680 FICA SCORE. YOU TYPICALLY RECEIVE TWICE THE AMOUNT OF

WHAT YOUR YEARLY INCOME GENERATES. YOU MUST HAVE INCOME,

ELSEWISE THE LENDER WILL WONDER HOW ON EARTH WILL YOU BE

ABLE TO PAY THE LOAN BACK IF YOUR BUSINESS HAS A SLOW START

RECEIVING IMCOME.YOU MUST ALSO HAVE 2 YEARS TAX RETURNS AND A

VALID STATE ID.

THESE ARE THE REQUIREMENTS FOR GETTING AN UNSECURED LINE OF

CREDIT OR WHAT IS BETTER KNOWN AS AN UNSECURED BUSINESS

LOAN. PLEASE TUNE IN FOR OUR NEXT TOPIC WHICH WILL BE ON HOW

THE CORONAVIRUS IS AFFECTING THE LENDING...

Hello and thanks for joining in. Today we will be discussing. How to obtain a Small Business Loan. To qualify for most online business loans, you will need to be in business for at least 1 year. Banks however require you, the majority of the time to be in business for 2 years. With We SAY Yes Commercial Loans, we can consider a start up loan if your business is less than a year old.

Listed below are the common business requirements you will most likely need to apply for a business loan.

(1 Credit Score- Lenders examine personal credit reports when you apply. You must have at least a 650 credit rating. Anything less, such as 600-649 results in a lot less money you will receive.

(2)Annual Revenue- Lenders often require Business to bring in $50,000 to $150,000 a year.

(3)Personal Debt To credit Ratio- Some lenders will consider too much personal credit a risk. If your debt isn’t that high. The lender feels you could use some of your personal money if you need to repay the loan.

(4)Potential Collateral- If you are applying for a secured business loan,...