2007-10-10 17:16:21 · 5 answers · asked by Becca 1 in Business & Finance ➔ Small Business
A second mortgage can be the first step to climbing out of debt, especially for homeowners who have bad credit. A second mortgage is a loan taken out in “second position” on a property that already has a mortgage. There are fixed-rate loans, adjustable-rate loans and home equity lines of credit (also known as HELOCs). Fixed-dollar-amount mortgages are the way to go when you need all the money at once. A HELOC is a credit line that can be drawn upon as needed up to the limit of the loan.
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2007-10-12 17:58:47 · answer #1 · answered by candy 2 · 0⤊ 0⤋
You'd need a solid business plan, not just an idea. Even then, loans for starting a business are hard to get, and with poor credit you might not be able to, unless relatives and friends are willing to lend you the money you need.
2007-10-10 17:52:17 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
Learn how to get your D&B Number as well as your Paydex Number and start building your Business Credit Today. We currently have this information in E-book form for $5.00
If you're looking for loans and funding this E-book can show you the CORRECT road in building your business credit so that you will be able to get the funding you need to soar.
We brought the price down because a lot of our tax customers have incorporated and started businesses, and as their consultant we wanted to get them off to a new start with out them paying so much. Starting a business is easy. Keeping it afloat is the hard part. Having the Capital to build it is the key.
www.ex-ecutivedecisions.com and click on e-books
Below is a small preview
Start Building Your Business Credit Today!
Start building excellent business credit scores. So let's get started!
The key is for you to pay close attention to what is said on every page here. Then for you to do every thing you are instructed in order to build excellent business credit scores in the fastest possible time.
You will be instructed what you must do to create a foundation upon which to build business credit.
You will be shown how to get listed in all 3 business credit agencies and what their scoring systems are based upon.
You will be shown the 1-3-5. That is 1 bank loan, 3 business credit cards and 5 vendor lines of credit. Why they are vital to your business success and exactly how to get them done.
If you follow the steps in our E-Book you will come out with excellent business credit scores and access to funding programs to help your business succeed. IF YOU SHORT-CUT YOU WILL END UP GETTING DECLINED AND FAILING TO BUILD BUSINESS CREDIT.
Making Sure Your Business Is Ready To Build Business Credit.
In this section, we are going to cover the basic foundation of building your business credit. There are about 20 items that you must complete to insure that you have a strong foundation on which you are ready to build business credit.
Many of these items, if left undone, will get you declined with lenders before they even look at your credit. These are all items that lenders will require you to complete before your loan is able to be closed and funded.
How Your Business Entity Affects Building Business Credit
The first place you must begin is to have a business entity for which you can build business credit. We cannot say it strongly enough, unless you have a business entity (Corporation or LLC) you might be "in business" but you are not "a business". Don't panic just yet. Yes, you need to be a Corporation or an LLC in order to build true business credit and to be able to separate your business credit from your personal credit. But you can still continue the process while you are setting one up.
If you do not have a business entity, SET ONE UP NOW! The entire process can be done very quickly. In order to maximize your available business financing and build a "business credit profile" that is separate from your personal credit, you must have a business entity.
There is no such thing as a "business loan" to a sole proprietor. That is a personal loan. Without a business entity, there is nothing for lender's to lend to or investors to invest in. Therefore, most "Business Finance" programs are only available to "stand alone entities" such as a corporation or LLC.
Unfortunately, Sole Proprietorships are not a separate legal business entity, they operate as you personally. Therefore sole Proprietorships do not qualify for true "business" financing and Sole Proprietorships cannot build "separate business credit scores".
As a Sole Proprietor everything you do is "personal". That means every loan, credit, and liability puts all your personal assets at risk. Everything you have could be wiped out in an instant. Your business must be a separate legal entity to maximize your available Business Financing and to build excellent "Business" Credit Scores.
2007-10-12 06:31:10 · answer #3 · answered by Lady J 2 · 0⤊ 0⤋
i agree with what judy said. where you work do you have a credit union? its usually easier/cheaper to get a loan from a credit union than a bank
2007-10-10 18:35:50 · answer #4 · answered by Cnote 6 · 0⤊ 1⤋
You may talk to a debt advisor at websites like http://askexpert.info/debtadvice.htm
2007-10-10 19:28:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋