I have bad credit. VERY bad credit… like 460 or something. on the other hand, I have a EIN for my business, but my business has NO credit. Is it possible for me to sell all my houses to my business, and what kind of loans could I get? I’d be ok with 80% loans , if I could get a good rate…
You could do land sales contract to the buiness. But if you got that score up to just 500 you may be able to do ok. there are some skilled brokers and lenders on here.
But business credit is a building block. hard to buy a house just getting out of highschool… does your business report decent income?
Don’t get me wrong, I’m not just out of school. I had a 700 score, then got ripped over BIG TIME, and (at the time) owed too much to declare bankruptcy, so things went down hill quick, and stayed there for a few years. now I’ve got things ALMOST in working order again, except the ARMs have now gone up to like 12%, which means I’m BARELY covering things, and problems keep popping up setting me one step behind. I’m trying to find a way to get the rates down so I can get on top of things again, stay current on everything, and actually make some money…
I was using it as an analogy, when you’re outta school, you have no credit. you said your business had no credit. So i was relating the similarities with the business to a personal area as a hard area to start.
Beleive me i was there myself. I started a business only to have my local democrates use emminant domain to shut me out of it and market value didn’t matter cause i didn’t own the property only the property owner got compensated. So i had all my stuff owed, and shut out of my business. I owed everybody and didn’t have enought to pay them all the following month. My score was 437. its now at 635 and slowly rising. Use the business’s clean slate to your advantage. I’m not a broker, i’ve done deals for myself. maybe a few of the Lending guys here could do something.
ok, I got ya, my bad…
Now, how is the question? Do you know any lenders that would take a business with no credit and give them a loan to buy property, 80% LTV… multiple properties, about $500,000…