Both new and well-established businesses across the nation could always use extra funding, and the most conventional method for getting that money is through a business loan. However, many local bank offices – and even the national banks, decline most loan applications for many reasons.
For established businesses, the amount requested often exceeds the limits the bank can lend, or the type of loan falls outside of the bank’s operating restrictions. For new businesses and startups, the bank usually declines the loan application due to a lack of established credit history or a track record of revenue.
More than 40% of all business loan applications are rejected, and it can be very frustrating – especially for businesses that need working capital in order to complete projects, to grow, or that need money within a certain time frame. Because of this, many business owners have turned to the world of alternative commercial lending.
Alternative lending allows business owners to get the money they need, without having to wade through the bureaucracy of conventional loan applications only to receive a rejection notice.
Alternative lending is a form of lending created to assist business owners with accessing working capital and different types of business loans for their business. Alternative lending has expanded out from traditional bank loans to more targeted financing solutions from alternative lending institutions. They are designed to meet the specific requests from business owners. This includes equipment leasing, asset-based, merchant cash advances, commercial real estate financing, business lines of credit and so many more.
Our company will be able to offer more solutions than any one bank in the country! Why? Since we represent so many options from a variety of lenders, our company does not have any geographic restrictions, dollar amount restrictions, asset class restrictions or credit restrictions unlike a bank or any particular lender would have.
Take a look at your figures for a mortgage loan:
Mortgage Calculator Help
You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.
If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.
Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.
Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.
If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)
Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.
The term (duration) of the loan is expressed as a number of months.
- 60 months = 5 years
- 120 months = 10 years
- 180 months = 15 years
- 240 months = 20 years
- 360 months = 30 years
Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://financial-calculators.com/mortgage-calculator
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