Guidelines To Secure An Atlanta Commercial Loan

By Tom G. Honeycutt


A business idea is valid only after actualizing it. However, most entrepreneurs find it daunting to make the first step. With an Atlanta commercial loan, this dream will become a reality. A commercial lender will just have to review various documentations prior to granting the loan. The following outline presents various considerations to be adhered to when making an application in Atlanta.

It is always imperative to draft a letter of intent prior to application. It gives a vivid description of some of the reasons why the loan is being applied for. Being that this is a business, explanations should touch on areas that need capital. Some of the areas include equipment, infrastructure and construction of buildings. Their estimates should also be clearly outlined.

An entrepreneur then needs to embark on gathering the essential documentation needed for loan processing. These include the financial information, debts and credit history. If the business is a joint venture, the other party will also have to submit his or her financial information. There are other lenders in Atlanta who also require additional documentation such as the savings, together with checking accounts.

Prior to acquisition, the individual is normally required to provide collateral. This is mainly a form of funding used in the process of backing it up. Personal assets, including investment property together with savings, are treated as collateral. The lenders usually term it as recourse loan. This describes any loan backed up using personal assets. In the event of a default, the personal items are seized.

It becomes vital to structure a well detailed business plan when requesting the loan. This is because lenders always inquire for full descriptions concerning the means of finance utilization towards business growth and development. Both long term, together with short term goals should also be outlined. This is the only way that an individual can justify, why he or she is requesting for a given amount of cash.

It is vital to consider several lenders. Non bank lenders have gradually rose to the occasion, and are currently being considered by majority of people. They tend to be more willing to lend new startups, as compared to other statewide banks. However, lenders who charge exorbitant interest rates need to be avoided.

The bottom line is that a lot of modalities are required before being granted funding. However, as long as an individual has a clear plan for running the business successfully, the lender will definitely provide the funding. If you are contemplating on starting a venture, this is the right time for you to make that application.




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