What do conventional lenders look for when considering a business loan?
What are some of the things conventional lenders (e.g. banks, credit unions) look for when considering a loan application?
- What is considered a "good" credit score?
- What is an acceptable debt-to-income ratio?
- What other documentation do lenders look for?
Are you a business man or woman? Are you in a financial mess or do You need funds to start your own business? Need to pay loans Their Debt or pay off your bills or start a nice business? Do you have a low credit score and you will find it hard to get Capital loan from local banks / other financial institutions? Do you need one Loan or funding for any reason such as:
1) Personal Loan, Business Expansion,
2) Business Start-up, Education,
3) Debt Consolidation,
4) Hardship Money Loans
5) Personal / Auto loans
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- 680 and above is considered a good credit score but 720 and above is excellent and will help you get better rates.
- Not sure about the debt to credit ratio for conventional but I know most of the programs that are unconventional want it under 30-35%
- Usually, they'll want to see the last 2 years tax returns and up-to-date P&L's