User Panel
User Panel
User Panel
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Posted: 12/16/2014 2:39:08 PM EDT
For buying a home or expanding business. My friends and family have always been by my side but can't borrow from the banks
Small profitable business since 2008 and growing slowly on my own Good credit (no defaults no bankruptcy) Only bread earner. What am I missing 
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Posted: 12/16/2014 5:03:55 PM EDT
[#1]
Have you pulled your credit report to make sure there are no errors on it?
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Posted: 12/16/2014 9:26:31 PM EDT
[#2]
ofcourse i did. The only hint I got was that as I am a small business owner I am supposedly a risky proposition.
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Posted: 12/16/2014 9:46:27 PM EDT
[#3]
Industry: gas stations, hotels, investment real estate, etc, not preferred
Cash flow: generally EBITDA / Debt Obligations, is it >1.25x? more than 2 years in a row? Collateral: what is it? LTV? Capital: Do you have equity? retained earnings? what assets? |
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Posted: 12/17/2014 12:26:48 AM EDT
[#4]
Quoted:
For buying a home or expanding business. My friends and family have always been by my side but can't borrow from the banks Small profitable business since 2008 and growing slowly on my own Good credit (no defaults no bankruptcy) Only bread earner. What am I missing Ask the banks that turn you down? Unless they are the biggest dickhole loser scumbag bankers in the world it should be a simple thing to find out. Ive never had someone refuse to tell me. Its hard for me to fathom that they didnt give you a reason when they denied you. Ive never heard of that. Just seems odd. Very odd. |
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Posted: 12/20/2014 11:32:18 AM EDT
[#5]
If you have exhausted traditional options, try a P2P lending site
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Posted: 12/22/2014 10:31:22 AM EDT
[#6]
If you are being denied for any type of consumer (and small business at most medium to large banks now) credit the bank must provide a notice of action to you within a set number of days (15? 30?) detaining the reason(s) you were declined. If the banker you are dealing with is worth half a crap they would take the time to sit down and explain in detail the reason(s).
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Posted: 12/22/2014 8:23:13 PM EDT
[#7]
Having been doing corporate treasury for 25 years I am going to venture that while your business may be profitable, you have insufficient assets to pledge as collateral or you haven't offered the right collateral. Just because the money is coming in good today does not mean it always will. They will need something to back the loan besides cashflow
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