Bluebird
Well-known member
An update about the building-buying process: the meeting with my bank went really well. It was actually with two of the Vice Presidents! Yikes! They gave me a very clear path to follow for getting funded - which was exactly what I wanted!
1. They gave me contact info for the local Small Business Association, and a direct contact there. I called and got a zoom appointment set up for next Thursday, and I filled out an application request for their free services. Moving right along! Basically, they told me that there are some real benefits to starting with this. I need a business plan and part of their help will be to put one together along with income projections on the apartment rentals we will be making available to another organization in town. Also, we may be able to get qualified for a guarantee with them, where they would actually underwrite the loan and we would only be required to put down 10%, rather than 30%, as a down payment. If we can secure that, that makes the bank even happier.
2. They suggested that we get started on the cash-out process just as soon as possible as interest rates are climbing. We talked at length about how to pull the money that we need out of the house and I feel very positive about it.
I am now drawing an absolute blank at what else we discussed. I have it all written down but that’s upstairs and I am exhausted from my hike. My brain isn’t working.
Oh, one of the things was that they are going to email me a couple of CPAs to contact about structuring the LLC & nonprofits. That hasn’t appeared yet so I will message on Monday about that.
I was told 100% MisterMoonbeam won’t qualify to be on the loan because his center score is not high enough. They want 675, and the single negative on his reports tanked his 700+ to way below that. (I just read in the news that the big 3 credit bureaus have agreed to DELETE most unpaid medical debts from reports in July! That doesn’t help us now but it will help him in the future.)
They said however, that we don’t need his income - that the business plan (that I will be writing with assistance) will offer up additional income to DarkKnight and they’ll use that to show we can afford it. The one guy sounded very confident about that.
Anyway, it was a good meeting and I left feeling really excited. But now of course, I’m overwhelmed with the enormity of it all. Again. Sigh. I’m just going to keep taking the steps I need and hope it works out! I have an email to send out still to another local lender who writes portfolio loans and get their input as well.
1. They gave me contact info for the local Small Business Association, and a direct contact there. I called and got a zoom appointment set up for next Thursday, and I filled out an application request for their free services. Moving right along! Basically, they told me that there are some real benefits to starting with this. I need a business plan and part of their help will be to put one together along with income projections on the apartment rentals we will be making available to another organization in town. Also, we may be able to get qualified for a guarantee with them, where they would actually underwrite the loan and we would only be required to put down 10%, rather than 30%, as a down payment. If we can secure that, that makes the bank even happier.
2. They suggested that we get started on the cash-out process just as soon as possible as interest rates are climbing. We talked at length about how to pull the money that we need out of the house and I feel very positive about it.
I am now drawing an absolute blank at what else we discussed. I have it all written down but that’s upstairs and I am exhausted from my hike. My brain isn’t working.
Oh, one of the things was that they are going to email me a couple of CPAs to contact about structuring the LLC & nonprofits. That hasn’t appeared yet so I will message on Monday about that.
I was told 100% MisterMoonbeam won’t qualify to be on the loan because his center score is not high enough. They want 675, and the single negative on his reports tanked his 700+ to way below that. (I just read in the news that the big 3 credit bureaus have agreed to DELETE most unpaid medical debts from reports in July! That doesn’t help us now but it will help him in the future.)
They said however, that we don’t need his income - that the business plan (that I will be writing with assistance) will offer up additional income to DarkKnight and they’ll use that to show we can afford it. The one guy sounded very confident about that.
Anyway, it was a good meeting and I left feeling really excited. But now of course, I’m overwhelmed with the enormity of it all. Again. Sigh. I’m just going to keep taking the steps I need and hope it works out! I have an email to send out still to another local lender who writes portfolio loans and get their input as well.