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are there any lenders left for self-employed people?

Started by HogSophist, June 17, 2008, 12:22:37 pm

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HogSophist

June 17, 2008, 12:22:37 pm
Ive been looking at refinancing, and became self-employed in January of this year. It appears from several people i have talked to I am SOL w/out at LEAST one year of tax return records and perhaps two.

anyone have any info?
signature removed by Hogville staff. (but Erie's quote revived because I missed it)


In an era where there are over $70 trillion in future obligations, beyond the debt,   taking up practices in budgeting that are tantamount to saying 'And then in 2040, a magic dragon will sh*tpoopy $100 trillion and fix our problems'  simply isn't wise. --ErieHog

dunnhead

June 17, 2008, 12:27:20 pm #1
Most places I know if won't touch you without 2 years tax returns.  But I'm not self-employed, so what do I know.
 

HogSophist

June 17, 2008, 12:31:47 pm #2
Quote from: dunnhead on June 17, 2008, 12:27:20 pm
Most places I know if won't touch you without 2 years tax returns.  But I'm not self-employed, so what do I know.

from the folks i have talked to you are spot on so far.
signature removed by Hogville staff. (but Erie's quote revived because I missed it)


In an era where there are over $70 trillion in future obligations, beyond the debt,   taking up practices in budgeting that are tantamount to saying 'And then in 2040, a magic dragon will sh*tpoopy $100 trillion and fix our problems'  simply isn't wise. --ErieHog

hog.goblin

June 17, 2008, 02:06:17 pm #3
It depends on your needs.  You should be able to get a small LOC with little effort if you have good personal credit.

When I started my business I got a $30K LOC simply with my signature.  The banker said he could go as high as $50K before any documentation was needed.  I simply didn't need that much.

If you can document your revenue, particularly with cusomter contracts, you should be in business.

HogSophist

June 17, 2008, 02:16:45 pm #4
Quote from: hog.goblin on June 17, 2008, 02:06:17 pm
It depends on your needs.  You should be able to get a small LOC with little effort if you have good personal credit.

When I started my business I got a $30K LOC simply with my signature.  The banker said he could go as high as $50K before any documentation was needed.  I simply didn't need that much.

If you can document your revenue, particularly with cusomter contracts, you should be in business.

Yeah, the problem is that I am looking to refinance my house. Evidently I should have done so prior to going out on my own :(
signature removed by Hogville staff. (but Erie's quote revived because I missed it)


In an era where there are over $70 trillion in future obligations, beyond the debt,   taking up practices in budgeting that are tantamount to saying 'And then in 2040, a magic dragon will sh*tpoopy $100 trillion and fix our problems'  simply isn't wise. --ErieHog

hog.goblin

June 17, 2008, 02:20:46 pm #5
Quote from: HogSophist on June 17, 2008, 02:16:45 pm
Yeah, the problem is that I am looking to refinance my house. Evidently I should have done so prior to going out on my own :(

ahh...missed the keyword there, refinance.  Yes, you are SOL unless you have a banking friend.

HogSophist

June 17, 2008, 02:58:48 pm #6
Quote from: hog.goblin on June 17, 2008, 02:20:46 pm
ahh...missed the keyword there, refinance.  Yes, you are SOL unless you have a banking friend.

have a banking friend you want to loan me? :)
signature removed by Hogville staff. (but Erie's quote revived because I missed it)


In an era where there are over $70 trillion in future obligations, beyond the debt,   taking up practices in budgeting that are tantamount to saying 'And then in 2040, a magic dragon will sh*tpoopy $100 trillion and fix our problems'  simply isn't wise. --ErieHog

cadensdad

June 17, 2008, 03:41:17 pm #7
Quote from: HogSophist on June 17, 2008, 02:58:48 pm
have a banking friend you want to loan me? :)
It depends on if you are in the same line of work or not.  I am in banking and if you want to give me a call i will see what i can help you with.  I will pm u my number
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