Trevor Cole Commercial Corp.(TCC), a commercial mortgage company based in NYC, offers diverse financing options to clients Nationwide. TCC specializes in non-conforming loans for small businesses that unfortunately do not qualify for traditional financing, due to their low credit score issues.
Small companies need capital to grow, and to meet working capital shortfalls. However, when business owners apply for loans from lending institutions, many companies receive little or no financing. Apparently, lack of capital is one of the reasons for lost profits. A 2017 US Small Business Administration Office of Advocacy Report, specifically pinpointed insufficient financing as the main problem. As a result, 15% of companies, less than two years old, and 7% of companies, more than 16 years old incurred reduced profits. In the worst case scenario, lack of capital, can cause company's to close-their-doors. However, financial options are available for small companies with poor credit. Alternative lenders, such as TCC can provide nonconforming loans that help companies stay afloat, and improve their profitability.
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Located in New York City, Trevor Cole Commercial Corp. is a structured finance company with a broad base of commercial clients across the U.S. and Canada. Trevor Cole Commercial Corp. issues a variety of loans to businesses, including a growing array of
women-owned businesses. Women-owned businesses are now applying for more credit than ever before, according to current research by Biz2Credit. This firm surveyed 30,000 companies nationwide, across 20 different industries and found that loan applications by women-owned businesses increased 13 percent in 2018 over the previous year and, that the average amount borrowed was $48,341. The dominant reason women borrowed money was for business expansion. Almost one-fifth of women-owned businesses that sought funding in 2018 were in service-related industries. The next sector that saw plenty of borrower activity was retail with 18.2 percent, while accommodation and food were third with 14.3 percent. California had the highest percentage of women applying for business loans (13 percent), followed by Texas (11 percent), and New York and Georgia (6 percent each). Despite the increase in the number of women-owned businesses accessing credit, women still received on average 31 percent less funding than men running their own businesses. The average male-owned business loan amount for 2018 was $70,239. This shows that there is still more to be done to close the lending-gender equality gap. Trevor Cole commercial Corp., a commercial lender, provides debt and equity financing to support America's real estate industry. Regarding debt finance, Trevor Cole Commercial Corp. closes multiple loans. A very important product for the Company is hard money lending. Hard money loans are an option for real estate investors looking to secure fast and available capital. Unlike traditional mortgage loans, hard money loans are usually issued by private investors, that see value in higher risk ventures. These lenders are often willing to bypass a borrower’s poor creditworthiness, if the real estate opportunity before them offers an attractive upside - they rely more on the feasibility of a real estate project, rather than a borrower’s fico score. These loans typically have short payment cycles, (about a year), and have typically higher interest rates, than traditional commercial loans. For real estate professionals, these loans can be a solid financing option. The deals usually require short-term financing when they want to make an all-cash offer, or when the borrower has poor credit. Most important, hard money lender's focus on the real estate projects feasibility, property value, and the risk of borrower defaulting on loan payments. However, value of the property is key, and serves as the loans security. Trevor Cole Commercial Corp., Inc. specializes in closing hard money nonconforming loans. These loans do not fit neatly into traditional guidelines and are often characterized by applicants’ low FICO credit scores. In addition to providing nonconforming and conventional loans, Trevor Cole Commercial Corp. offers hard money loans. Hard money loans are often seen in the real estate market. Their short-term nature makes them a great option for borrowers who need extra funds to fix and flip their home. However, they can also be used for other purposes. Most hard money lenders focus on the collateral presented by the borrower rather than the person’s income or credit history. The impact that credit scores have on the approval of hard money loan is part of what makes this type of funding so appealing. Borrowers with low credit scores are often approved for a hard money loan, thus increasing the overall approval rate of hard money loans. Further, since these loans often do not rely on a borrower’s credit score or income, they are often approved faster than traditional loans, and offer borrowers greater flexibility when it comes to the loan’s terms. Despite their many benefits, hard money loans are not for everyone or for every situation. Interest rates often can be up to 10 percentage points higher compared to the rates for conventional loans. This can dramatically increase the costs of borrowing. The origination fees, closing costs, and loan-servicing fees also increase the overall cost of a hard money loan. Beyond that, most hard money loans are short-term, and have a brief repayment period of up to 12 months. Trevor Cole Commercial Corp., Inc., a New York-based business, provides commercial customers around the nation with different types of loans. Through Trevor Cole Commercial Corp., clients can obtain everything from conventional commercial loans and private loans to SBA loans. Backed by the U.S. Small Business Administration, SBA loans provide additional financing to small business owners while offering relatively low interest rates, to meet loan sizes and favorable repayment terms. Following are several criteria needed to qualify for this SBA loan: In general, banks and other SBA lenders will not award you with a loan unless you have been in business for at least two years. Because of this requirement, you may be turned down if you are a startup. In addition, if your business has been rejected for a private loan in the past before applying for an SBA loan, you have a good credit score While lenders may grant you a different type of loan if you have a personal credit score below 600, you may not be able to get an SBA loan. SBA loans usually require good personal credit scores, along with any excellent business credit scores, before they are granted. The federal government defines small businesses based on average annual income, number of employees, and other factors depending on the industry and state you are in. Normally, these numbers are contingent on minimum of $100,000 in annual revenue and no more than 500 employees. While there are exceptions, in most cases your business must meet the above definitions before being considered for an SBA loan. |
AuthorTrevor Cole Commercial Corporation of New York City specializes in procuring funding for large real estate projects, including multifamily properties and office buildings across the nation. Archives
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