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Unlocking the Secrets of Business Credit NAVIGATING THE MAZE OF APPROVAL READINESS
MERRILL CHANDLER
I n real estate investing, the thrill of sealing a deal is exciting. So is hitting a milestone. Unfortunately, that excitement can be offset by the headache of finding the right funding. Far too often, serious real estate investors overlook some of the most inexpensive money out there—business credit. Business credit is the backbone of every successful enterprise, yet it remains one of the most misunderstood and elusive components of business ownership.
One critical question you must ask is, “What is the business credit going to be used for?” Just because someone teaches or offers “business credit” doesn’t mean it’s the right business credit for you. There is no “one size fits all” in the business credit world. And, going after the wrong business credit can actually hurt your approval readiness in the future. WHY SERIOUS REAL ESTATE INVESTORS MISS OUT ON BANK MONEY You're not alone as a real estate investor if you've felt like the doors of banks
slam shut when you knock. Historically, real estate investors have been denied unsecured bank money. But why? Most banks are notoriously risk averse. Their cautious stance stems from their responsibility to their stakeholders. When entrepreneurs lack a robust credit history, substantial collateral, or a proven track record, banks often see them as high-risk. And if you add the words “real estate investing,” most lenders turn and run. Further, most real estate investors are unaware of how to correctly present themselves
You may be thinking, “But I thought real estate investors couldn’t qualify for business credit.” Not true, but you must be “approval ready.”
30 | think realty magazine :: january – february 2024
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