In today’s economy it should not be difficult for a small business to get the funding they need.  Yet, many small businesses struggle with financing because of their credit.  The easiest way to qualify for financing is to clean up your credit history.

 Donald Hunter^TM Financial looks at the following compensating factors to boost your credit profile:

FICO scores

To be considered for a commercial loan in today’s economy, you need a minimum score of 640. The better your FICO score, the better rate you can expect to get. At Donald Hunter^TM Financial, we recommend a FICO score of 720 or higher to ensure the best results.  Banks prefer businesses with a promising future.  Even if you do not initially qualify for a low rate, if you believe that your business will grow, you have a good chance of getting funded.

 Commercial credit

Demonstrate good credit by establishing a pattern of timely payments for twelve to fifteen substantial items such as car loans, charge cards and mortgages.  Several of those items should be real estate loans active or successfully paid off.

Investment track record

To increase your chances of getting a lender to finance your next property it is important to have a solid investment history or “track record.” Establish your trustworthiness as a seasoned investor by putting together an investment resume including:

• Purchase history
• Management history
• Sale history
• Before and after photos of improved properties

Donald Hunter^TM Financial can assist you with any challenges you may be facing in order to help you present a strong case with our Total Commercial Services program. Click here to learn more about TCS.

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