The number of applications you submit for commercial loans can have a direct impact on your business’s credit score. The more inquiries made against your credit file, the more it raises questions from potential lenders about whether you were ever before approved credit. As a result, your score starts to decline, due to excessive inquiries. Further, it becomes even more difficult to obtain a commercial loan from a single source lender. Because you submitted numerous applications to multiple lenders, your credit score declined, and each of your applications ended up being denied. However, do not stress, as there is still another lender you should consider to help you obtain financing for your business.
Commercial Lending Corporation (CLC) has access to the largest number of financial partners, institutions, programs, and private sources of money for commercial loans in the nation. This lender has some of the lowest rates possible, with one of the highest closing ratios, compared to single source lenders. Further, by contacting CLC and discussing your financial needs, it is like presenting your project to hundreds of lenders at the same time. Because of CLC’s extensive relationships, they are able to help place your needs with an interested lender.
Commercial Lending Corporation has helped companies secure financing when they were previously denied by their own bank or credit union. For example, one recently closed loan was for a retail shopping center looking to refinance in order to satisfy past due obligations and payoff taxes. Other lenders denied the loan, because of past due taxes. However, CLC was able to find an interested private investor and help this customer complete the refinance of their shopping center.