Landlord EIDL application
The eidl loan appears to have a low interest rate. Can I use this loan to apply to my mortgages? Will it be difficult to qualify for a eidl loan that will pay my mortgages in full? It seems the loan is 30 years at maturity with a 3.75% rate. This seems like a good opportunity to recategorize my debt. My K1 shows a loss, will this affect my ability to get a loan?
Most Popular Reply
Hope this helps. I posted on other threads.
I applied as sole proprietor - with dba - no entity - EIN for my DBA and Social Sec for me (the one employee)
After reading on the forums here I calculated my request based on 6 months gross rents using the previous 12 months
Everything for me was done online with no documents requested. I have an excellent credit score. My case was simple with no LLC's to verify.
My Timeline
April 10 Application submitted
April 13th received $1000
May 2nd I received the we understand letter
May 4th Email stating ready for the next step - create account on Portal. Please verify your identity on the portal
May 6th You are approved email
May 7th I signed loan docs in portal with docusign
May 8th Fully Funded overnight
Keep your heads up - The system is working!