Before applying for a Texas Commercial Loans, there are some things you should keep in mind to make sure your business affairs are in order. This way, you can increase your chances of getting approved for the finances you need.
“How much do I need to borrow?” It’s important to have a specific amount that you will need, without going to far over that number. Reviewing your current bills, statements, payroll, etc. or determining how much you need to purchase equipment, for example, can help you fine-tune the Commercial Loans amount.
“How much can I afford to borrow?” You will need to asses how much you can actually afford to borrow, and how your company will be able to comfortably pay back each month while still keeping up with payroll, vendor/supplier invoices and other financial commitments. Keep in mind that the more you borrow, the higher your monthly repayment increments will be. You will need to be able to manage those payments properly. You can often do a quick estimate with an online loan calculator to get a rough estimate of how much your monthly payments will be based on the amount borrowed.
In order to qualify for a Texas Commercial Loans, you also will be required to present certain documentation to the bank or lender during the application process.
When preparing your business to pre-qualify for a loan, you should have the proper paperwork in order and ready to present. Proof of specific documentation varies depending on the type of loan you are applying for but often include: a business license, past bank statements, recent tax returns both personal and business, recent balance sheets, a business plan, and a credit report.
Before you apply for a Texas Commercial Loans, you can do some research online to determine your needs and the type of loan that is best for you.
The more prepared you are prior to meeting with a bank or private lender regarding the loan, the smoother and easier. Having your business affairs and documentation in order can greatly increase your chances for loan approval. So before you dive into the application process, make sure you've asked yourself the right questions and put your paperwork in order to get the loan you want to help grow your business.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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