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LINES OF CREDIT IMPACT BUSINESS


The real estate market is awash with investment possibilities due to (or in spite of) the current economic climate. As more and more real estate becomes available, more investors stand ready to sweep up. A previous owner had a personal stake in the property, personally guaranteed, and having now lost his foothold has also lost his property. The future owner, an investor with ready access to capital, is waiting on the courthouse steps to take advantage of the downturn.

When investors are seeking to capitalize, they require lines of credit that use the land, homes, or businesses they are buying as collateral. They require the freedom to pounce on an opportunity at a moment’s notice. This is a business investment, not a personal one. The line of credit an investor uses to fund his purchase needs to be guaranteed the same way. This is referred to as a non-personally guaranteed, doc-only line of credit.

We currently have two clients whose words ring true. Both are real estate investors. Both are equally capable. Both are driven by their ability to have ready access to capital. And both are seeing the impact their corporate credit file has had on their future investment capability – one positively and one negatively – but neither imagined it could generate such enormous impact.

Client “A” is a new client. Before signing on, he had begun working with his mortgage broker to secure his largest line of credit ever. With over a million in previous contracts under his belt, he was unexpectedly set back on his heels when 90% of the way through the process the bank pulled his corporate credit report and discovered a derogatory. The line of credit was denied until the derogatory, obviously an error, could be resolved. On our first phone call, he said, “This is horrible! I never believed this could happen to me. Do you realize how this could change my business?”

Client “B” has maintained absolute control over his corporate credit report for over a year. While working with a mortgage broker, he was recently approved for a non-personally guaranteed $50k doc-only line of credit. A week later he was approved for two additional $100k lines based upon his solid corporate credit file. He recently called and said, “This is amazing! I never believed this could happen to me. Do you realize how this could change my business?”

For both of these clients, the answer is a resounding “Yes, we do understand.”

Both personally and professionally, we understand exactly what you are experiencing because we have been there, on both sides of that scenario. We have seen businesses excel and thrive, and we have seen businesses become stagnant or even insolvent, all based upon the data in their business credit report.