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.
The initial activity to be done involves drafting an intent letter. This is a brief description clearly outlining the reasons for application. Since this is a new startup, the area that urgently needs funding should be captured in the letter. These include construction of premises, infrastructure and equipment among other needs.
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.
Commercial lenders always want to see a business plan. This is helps them to verify how the new business will function and grow as a result of the funding. An entrepreneur should include financial plans together with both short and long term goals. This helps in justifying why the funding is urgently needed for survival of the business.
New startups are always encouraged to apply for credit from a wide range of lenders. The contemporary world has seen wide embracement of nonbank lenders. The reason for this is that they tend to go easy on newly installed ventures. This is contrary to the statewide banks. As you embark on this quest, be sure to avoid the ones charging exorbitant interest rates.
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.
The initial activity to be done involves drafting an intent letter. This is a brief description clearly outlining the reasons for application. Since this is a new startup, the area that urgently needs funding should be captured in the letter. These include construction of premises, infrastructure and equipment among other needs.
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.
Commercial lenders always want to see a business plan. This is helps them to verify how the new business will function and grow as a result of the funding. An entrepreneur should include financial plans together with both short and long term goals. This helps in justifying why the funding is urgently needed for survival of the business.
New startups are always encouraged to apply for credit from a wide range of lenders. The contemporary world has seen wide embracement of nonbank lenders. The reason for this is that they tend to go easy on newly installed ventures. This is contrary to the statewide banks. As you embark on this quest, be sure to avoid the ones charging exorbitant interest rates.
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.
About the Author:
Tom G. Honeycutt is a full-time real estate entrepreneur in Atlanta, GA. Tom helps readers by providing practical and useful knowledge to better understand lending choices. If you are looking for Commercial Loan Brokers he recommends you check out www.ifundinternational.com.
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