Turned Down for a Commercial Loan? Here’s What You Can Do
Are you a business owner in need of financial assistance? You may have applied for a commercial loan, but it didn’t go your way. Getting turned down for commercial loans happens. If you find yourself in this situation, all hope is not lost. Here is what you can do if you are turned down for a commercial loan:
Step one is finding out why you were turned down. Commercial lenders aren’t required to explain why borrowers are denied, so ask if they can provide you with that information. If a commercial lender tells you they won’t provide an explanation, triple check your paperwork to make sure all of your information is correct. If your paperwork looks right, it is possible you were denied because of your credit rating. Check your credit score to see if it is favorable. If your credit score is lower than recommended, this may be your reason for being denied.
If your credit score is the reason you were denied, don’t worry. Shop Commercial Mortgage is dedicated to helping people of all credit scores get the approval they need. We don’t use credit scores to determine your loan approval. Instead, we evaluate the equity of your commercial property. We also look at income profit and loss information. Our terms are flexible and designed to meet your needs. We even offer up to 55% LTV loans with minimal hassles and quick closing.