In today’s economy businesses are having problems getting financing under the business EIN #. Because of the economy a lot of banks don’t want to lend to people if they don’t have the assets needed to put up as collateral for the loan. If you want it under the business EIN # you are going to have even more problems because banks don’t want to lend directly to your business because they fear you will bankrupt the company and they will be left with nothing.
NO DOCUMENTATION LOANS ARE NOT DEAD
Because of the way banks are chartered there are a few niche banks that will put the loan only under your EIN # with a personal guarantee. The key is you have to be in the right industry. There are some industries where its harder to get a business loan but there are a few banks that will finance these type of industries. People in the real estate, mortgage, and construction business will have a rougher time getting the loan. The banks that specialize in no doc business loans understand that in many industries people make a lot of money but because of their industry they have a lot of write offs and don’t show a lot on the books. Some of these banks will add back depreciation and amortization while some of them will use your gross sales no matter what you show. In the end going to the right bank will save you money on the rate which equals big savings over the life of the loan.
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