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My community bank has proven worthless in trying to obtain a home-equity loan. Does anyone out there know if federal banks are under more pressure to issue loans? I don't want to waste time with loan applications if my only potential source of additional funding is new business.
Although there has been a lot of rhetoric on the subject of making loans more available - I would not say the banks are under pressure to issue loans. Perhaps they will be 'judged" according to the number of loans they do - but since that measures the "gross total", I doubt if it will have much effect on any single application.
There are a number of ways to bring capital into a business, so perhaps if you give us an idea on what you want to accomplish, we might be able to provide some suggestions.
Alternately, if you want to discuss your specific situation(in confidence) feel free to contact me directly.
Harbin,
I network with and know many bankers. All from varying sized institutions. Here's what they say: The regulators are really rigid on community banks right now, while the larger regional or national banks are not being as scrutinized. It's not that community banks don't have money, but the regulatory environment hinders their ability!!
There are mortgage companies that lend with their own funds as opposed to placing and selling a mortgage after it's booked. Have you tried that avenue? Also, I tried to launch your website to gain further insight on your operations, but the site wouldn't work. I was hoping to determine a funding avenue.
What can you tell me about your business operations, client base, etc...?? I'll be more than happy to help point you in the right direction!
HarbinStrategies,
Financial institutions are in limbo to a great degree right now because there are many unresolved regulatory issues as it pertains to their particular bank / financial institution, economic strength of its market, etc.
The fact that foreclosures are still occurring at an uncomfortable pace coupled with those who sought relief previously are again defaulting, is not going to help those like you who feel they are in a good position to take on a 1st or 2nd mortgage. Even those with near pristine credit are saying that they are being denied. Plus, the down payment or equity required is still increasing somewhat unreasonably.
As a side note, folks who had applied for SBA loans when the government said they are encouraging small business development and expansion are saying that is just political speak (good soundbites on the campaign trail) - even when the applicants have decent credit.
You may need to reconsider your funding options and figure out how you can increase cash flow based on bringing in new customers and while simultaneously lowering your expenses so you can prove your profitability and future potential for profitability.
Good Luck!
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You didn't say how much you need, but peer lenders are an option as well. The requirements have gotten stricter but are still a better bet than many banks right now.
The 3 most popular (that I know of) are:
FundingUniverse.com for larger amounts may be helpful too.
Good Luck!
Declining housing values have also reduced the amounts available from home refinancing. However, by finding alternative sources of capital, it is still possible to obtain your desire of online business possession.
According to me you get more help to other some home loan company for get loan.
Thanks for these resources, I think banks are the most secured gateway for business loans, then private companies and other lenders but find the honest and best in them is much difficult.
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