Dan Trinidad, the founder of Partners Mortgage, helps aspiring entrepreneurs build their businesses by providing befitting mortgage alternatives.
The deliberation and planning for your dream business has come to a close. Now, it’s time to move forward and execute your plans. This will include financing, hiring personnel, and developing management tactics. However, to get things off the ground, you will need to secure adequate funds. If you are not starting with investors, then your next bet will be a loan for your business. This is where a mortgage could be a very viable solution. There are a few things to consider when looking at using a home as collateral for a business, which is why moving forward with this idea is always best under the supervision of lending experts.
One such expert in all home lending is Dan Trinidad. He has been in the mortgage brokering industry for more than 33 years. He and his team at Partners Mortgage have served more than 50,000 clients with the ideal mortgage choice that fits their specific circumstances. When the idea for this firm struck Dan’s mind, his aim was to create an upscale mortgage brokerage firm that provides unparalleled support to clients who are seeking advice and support. He shares his insights on how entrepreneurs can utilize mortgage loans to build their dream businesses.
Income Source
Being approved for a mortgage is easier if you have a source of income that you can provide as security. To provide proof, you can use your salary statement or a letter from your employer stating your income and experience in the company. However, if you are already self-employed, then you will need to provide more comprehensive documents to establish your ability to repay a loan.
Dan suggests that if you want to ensure your eligibility for a loan, make sure the income is taxable. Gross revenue or receipts face predicaments in being accepted for a loan.
Segregate Personal And Business Assets
The ability to balance out the personal and business assets is crucial to submit an impeccable application. You should make sure that you maintain a clear distinction between mixing personal and business assets for tax purposes as well as loan evaluation.
Dan suggests to create this obvious distinction between personal and business, you will want to make sure all business related cash flow stays connected to the business account only and vice versa.
Employment Proof
Proof of employment builds trust in the minds of lenders, and hastens the process of approval for your mortgage. If you are employed by a company, you can easily get your employment status verified by the H.R. department.
Self-employed applicants will need to submit various other documents to support their employment status. These may include bond insurance statements, tax records, letters from clients, as well as profit and loss statements.
Dan’s firm is always looking and excited to work with the entrepreneurs of the future. For more information, please visit Partner’s Mortgage website.