If you've ever looked into getting your own merchant account,
you already know how expensive it can be. Application fees,
setup fees, standard monthly fees, transaction fees… they
all add up fast! It can be too much for a business that's
just getting started.
There is an alternative. Third-party credit card processing
companies handle your credit card transactions for you in
return for a cut of your profits. Setup is typically
either free, or there's a small, one-time fee.
Less Than Perfect Credit? Not Necessarily a Problem.
While credit profile is an important consideration in the lending decision it is not the only one. A bad credit commercial mortgage or loan is available to individuals and businesses with less than perfect, or poor credit ratings. These are also called "sub-prime" loans.
Bad credit commercial loans and mortgages are available for any sort of commercial purpose. Bad credit commercial loans can be used to remodel a manufacturing plant to make it run more swiftly, for example. Bad credit commercial mortgages can also be used to restructure or expand the existing business. Also, much like bad credit home loans, bad credit commercial loans can be used to actually pay off debt and improve your credit.
A lender looks at a loan request in three sections known as the 'three C's'. They are:
·Credit. Did you pay previous lenders back as contracted?
·Capacity: Can you afford to pay back this loan?
·Collateral: If you don't pay back the loan from what asset can the lender recover their principal?
Step one is:
1.Identify your strength and weaknesses in the '3 C's'. Do this as would a lender – with a very critical eye. Identify your loan to value ratio and your debt service coverage ratio. If you have reason to believe that your credit is less than sterling, get a copy of your credit report including your credit score.