I am looking to get a loan to purchase a hotel, but I have bad personal credit. Can I still get a business loan? How should I go about doing so?
Different lenders have different lending standards. There are too many variables to discuss here, but your individual credit is only a part of the equation. The collateral value and marketability affect your request, as would how badly the lender wants the loan or to see more jobs in the area.
You may have to look for investors who buy a part of this deal. They'd be entitled to a portion of your revenues, but they could add credibility to the loan request as well as lower the amount you need to borrow. While not a sure thing, as it it never is, go to more than one lender, tell them what you need and ask them what they're willing to offer.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Different lenders have different lending standards. There are too many variables to discuss here, but your individual credit is only a part of the equation. The collateral value and marketability affect your request, as would how badly the lender wants the loan or to see more jobs in the area. 