Generally speaking, loan companies are willing to consolidate your older loan plus your additional debt at lower interest rates than you’re paying now. They are willing to be flexible with their terms and conditions because they understand that you are probably not under extreme pressure.
Then, too, loan companies understand that a steadily growing business such as yours is less risky for them than a brand new business would be. The only problem is, you’ll need to convince the lender about yourself and your business. In other words, you’ll need to demonstrate to them that your business is not a credit risk. In so doing, you’re bound to end up with much better terms.
Demonstrate your credibility and the stability of your current business by providing the lender with the following:
Show your lender that your business actually makes money and has been doing so for a while. Such proof will include your bank statement, tax returns, and any realistic projections you might have that show the amount of money you expect will flow into your business in the near future.
You should already have a sound business plan. If you don’t, then draw one up now. Make sure you research it well and compile it in an organized way. Further, it should tell your lender about your company’s goals. In this way, you will reassure your lender that you’ll be able to repay the refinancing loan.
Some lenders ask for copies of statements from your current business loan. Most will want at least six months worth of statements.
You’ll need good credit, both for your business and for yourself personally. Your lender might be lenient if you’ve been late with only a couple of payments here and there, however, especially if you have a good explanation about why you were late. Nonetheless, things will more likely go your way if your credit records are positive and you have a high FICO score.
The business loan refinancing process is a simple and convenient procedure. Just follow the following four simple steps.
Find the right lender not only by searching on the Internet but also by visiting some firms physically. Determine which one is most suitable for you. For example, you might decide that your best option would be to refinance home loan with rates from iSelect.
Now is the time to collect all the relevant documentation. Your lender will likely give you a list of the documents you’ll need to present to them.
When your refinancing loan has been approved, you should begin to make arrangements to settle your old loan with this new one.
Don’t let your home business flounder in the shallows when you could push off from the bank and get back into the swim of things again. Consider refinancing your business debt with a new loan and take your business up to the next level.
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