All Forum Posts by: Patrick Peterson

When you say a business loan do you mean: 1) a business line of credit 2) a DSCR loan that closes in an LLC 3) a full non-recourse loan with your business as the guarantor?

Each one is going to have different requirements based on your goals. Most people mean they are looking for a loan they can put in their LLC similar to a DSCR loan and there is very little that is needed for that loan type and we do them all the time. It really depends on what you are trying to do.

Hope this helps!

You are right I meant getting a loan under my LLC.

0 Votes

Houston, Texas

Hi, I have a seasoned (over a year old) business and have been told a good way to get funding for starting my real-estate journey is through business loans. I do not know if my business can qualify for a loan because of these factors:

- it does not have monthly deposits or income coming in

- it does not have a business/bank account set up under it

- all it has is the letter of confirmation used for the verification process

- the EIN is created but that's all I did really

Where should I start to get my business (an LLC) in good standing to be pre-approved for a business loan? What steps should I take to confirm it is still valid? Is there any licenses, certs, or paperwork I need to fill out? Are their any taxes I need to pay for its creation?

Any info would help me focus my direction and lead me to the right steps.

Thank you for your time, Patrick Peterson

0 Votes

Houston, Texas

All Forum Posts by: Patrick Peterson

Patrick Peterson has started 1 posts and replied 2 times.

Post: What are some Business Loan Prerequisites

Post: What are some Business Loan Prerequisites