investbanyan
Joined: 02 Sep 2008
Posts: 1
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| Posted: Tue Sep 02, 2008 5:57 am Post subject: I Own a C-Corp and Cannot Seem to Find Financing |
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I started a corporation 2.5 years ago which is my primary source of income. The company has done $200k each year and growing but for taxation runs at a loss. I show minimal personal income from the business which has been a huge issue at getting a loan. Any accountant who reviews my taxes could understand that there is a great deal of income but no mortgage company can get me a loan right now. Also, all funds can be documented with my bank. My credit score is +680 and I have cash to put down but yet cannot get a loan. I have spoken to a few lenders regarding "stated income" loans but most aren't doing them and the bank could call my loan due if my taxes files with the IRS do not match my income. I've also looked into some hard money lenders but it seems like a waste.
The kicker here is I can get a business loan all day long but not enough for a property. I've been stuck in the catch 22 for 3 months and was hoping anyone out there had an idea to move past this.
If I have to come up with more money to secure a loan is fine with me rather than wasting my money on taxes.
As far as my goals, for the short term I need to buy a place to living in and maybe rent out later. I'll most likely hold it for 10 years. Also, I'm looking to buy multifamily units both commercial and residential accross the nation. I have a couple other partners to invest with and one of them has the same issue I do.
Thanks in advanced for your comments.....
Regards,
j |
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