Ways On How To Get Your Loan Application Approved

When you need to secure a loan for your business, there are some things that you need to take into consideration to have your loan approved as soon as possible. Securing a business loan doesn’t need to be difficult and stressful as long as you prepare for it and do some research before submitting your application. Here are a couple of tips on how to secure a business loan.

1. Give a good business plan – By presenting a detailed business plan, you will be able to show the lender that the loan you’re making is a low-risk proposal. Give  a detailed account of the amount you need and how you’re planning to use every penny. You also need to discuss your repayment plan and relevant projections and cost-saving strategies you’ll take when sales are not good. Keep in mind that the more specific your business plan is, the higher the chances that the lending institution will be convinced to approve your loan.

2. Be certain to set your personal credit details in order – One of the most important factors in having commercial loans in Perth granted is the information on your credit report. Thus, before you submit your loan application,make sure to obtain an overview of your credit rating. Proceed to a reputable credit rating agency and acquire a credit report. If you own a business, you may also need to present a credit report for it.  

3. Show your financial and bank statements – If your stake in the business is not lower than 20%, then you may need to submit financial and bank statements. Having sound financial statements will help you avoid  providing substantial loan collateral. If your financial statements prove that you are financially stable, it is more likely that you can easily have your load approved.   

4. Put up substantial collateral – It may be hard to secure a loan without any real property. Being able to provide strong collateral for your loan shows your commitment to work on the success of your business. Collateral is especially required for those looking for working capital and equipment loans. 
 
5. Organize your personal and legal information – Most lenders will need you to supply private information such as your former addresses or names, criminal records (if any) and your educational background. You may also need to present your income tax returns for the past couple of years and some legal documents associated to your business such as lease and franchise agreements or business licenses. You may face difficulties in having your loan granted if your legal papers and information are not complete and organized. Don’t be easily discouraged if your loan application is denied. 

There are various lending institutions out there but it may take some time to find the one that will give the best solution for your financing requirements. To make your loan application easily approved you may also seek the assistance of a property investment mortgage broker Perth.

When may a person own a property again after doing a short sale?

There was previously a time when nobody had heard of a “short sale,” not to mention sold a home that way. Currently, with the bad economy going on for many years, and the economy remaining sluggish, it’s just about a household expression.

Times have changed, and large numbers of property owners have sold their home using a short sale. Due to this fact, many people want to know how quickly they can buy a house again following a short sale, because their lives are financially sound again and they want to take advantage of presently low prices.

There remains a lot of hype and insecurity about the ramifications of selling your house via short sale, but the answer in short is rather simple: You can get a residence again commonly two years following short selling your previous property. Scenarios differ, and there is not a definite rule, but it is possible legally to do it.

If you want to have the best chance of buying a home again after two years have passed from your short sale, you need to follow some very simple tips to getting your credit back in shape.

First, be certain that your credit report says the loan on your property was “Satisfied.” Formally, it was, even if they accepted a lot less than the amount of the loan, because they agreed to do so. The bank could have said ‘no’ and repossessed the home.

Second, be sure you make all loan payments promptly without exception. Regardless of what charge cards you might have, pay them religiously (and pay them down as soon as possible!).

Third, be sure your debt to credit limit ratio on any individual line of credit, and on all lines of credit put together, is down below 50%. This demonstrates you are a good credit risk and normally do not take on too much debt.

Fourth, manage at least three different trade lines of credit. A trade line is a category of credit, like a car payment vs. a credit card vs. a cell phone. Cell phone accounts are viable trade lines, as are university loans, and any unsecured debt. You should exhibit a balance between opening and maintaining credit accounts and keeping them payed down so you don’t get overloaded with debt.

And fifth, check your credit report a long time before you make an application for a home finance loan to help you find any inaccuracies and get them straightened out. You don’t have to use pricey “credit repair” schemes. Just get your financial circumstances sorted out and keep them that way and your credit score will reflect your credit worthiness.

Kevin Harper is an author and coach that specializes in topics such as Orlando real estate, Marco Island real estate, and other real estate topics. He publishes a free newsletter on real estate marketing tips to help small business clients succeed.