Newbie Needs Advice On How Lenders View Credit For An LLC
Hello and thank you in advance for any assistance you can provide.
My situation is this: Some family members (8) have decided to create an LLC and pool our talents and resources to get in the REI business.
The majority of the members have average to below average credit and maybe one or two have above average credit.
We all work but have below average income but may be able to pool 8-10K in the next year.
We would like to know what lenders look for when reviewing our request for a loan (possibly for 100% financing or no money down).
Questions:
-Will our combined salaries play any role in their detemination?
-Can one member (or several) bad credit be the hole that sinks the ship?
-Will the savings that we have accrued (we want to use for repairs or for holding cost and not for the downpayment) play a factor in getting the loan? Do we need more savings?
Again, I thank you for any help you can provide.
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