Source: NerdWallet
Foreclosures can expand your homebuying options, but be aware of potential costs like repairs and extra fees.
The process for buying a foreclosed home varies depending on the current owner and how the house is being sold. These variables can also impact the price you pay when buying a foreclosed home.
If a home is in pre-foreclosure, the homeowner may try for a short sale. Properties that have been foreclosed on generally first go to a municipal auction sometimes known as a sheriff’s sale.
If a home doesn’t sell at auction, it becomes a real-estate owned, or REO, property. These are homes that have been repossessed by banks and mortgage servicers, who sometimes put them on the Multiple Listing Service or offer them for sale on auction websites.
Here are the basic steps of how to buy a foreclosed house.
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June 25, 2021 | admin
Source: Business.com
Bridge loans are a form of short-term funding intended to help your business buy assets or complete projects.
A bridge loan is a form of short-term financing that is designed to help a company meet its obligations until it secures a long-term business loan. This type of business loan is commonly used in commercial real estate and other transactions where timing is key and businesses need to secure funds quickly in order to take advantage of an opportunity.
When a business takes out a bridge loan, it uses the proceeds to purchase or improve assets, or to finance its own operations. Then, once it secures long-term financing, it uses the funds from the new long-term loan to pay off the bridge. Businesses use bridge loans (which often carry interest rates several points higher than conventional long-term financing) to fill short-term funding gaps. These include asset purchases, such as real estate, equipment, and inventory.
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April 10, 2021 | admin
Source: Lendio
Paycheck Protection Program (PPP) loans are designed to help small businesses—and nonprofits—keep employees on the payroll, but what exactly does that mean? While the loans are intended largely for payroll-related costs like salaries and health insurance premiums, you can actually use a PPP loan to cover a wide range of pandemic-related operating costs.
Allowed Uses for a PPP Loan
While you will need to spend 60% of the loan funds on payroll costs, you can spend the other 40% of your loan on a variety of other pandemic-related costs, all of which are considered “allowed uses” for the loan.
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February 26, 2021 | admin
Source: Entrepreneur.com
Like the CARES Act, the newest stimulus bill has brought significant changes not only to entrepreneurs but individuals, too. While some relief is immediate, some updates last through 2022. As with any new tax opportunity, it’s crucial to examine each and determine how you can maximize them. Here’s how the new bill will affect you.
Changes for entrepreneurs
The bill provided many changes to the Paycheck Protection Program. One of the biggest is that PPP expenses are now tax-deductible, and the forgiven loan is still not taxable income. However, small business owners need to do the due diligence to confirm if their state plans to follow suit. Not all states conform to Federal Tax Law, so it’s likely that states that need tax dollars (like California or New York) won’t conform. Business owners in those states should plan on higher state taxes this year.
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January 22, 2021 | admin
Source: Lendio
As the coronavirus (COVID-19) pandemic continues to spread, the federal government has allocated resources to support small businesses through economic hardship and hopefully restore some of the jobs lost (now at 9.6 million people according to the latest jobs reports) as a result of mass stay-at-home orders and business closures.
Given how quickly the rollout has come—and how many changes have happened along the way—many small business owners have been left scratching their heads, saying, “Wait a second, how do these SBA coronavirus loans work, and will my business even qualify?”
Great question. Let us answer it.
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April 5, 2020 | admin
Source: Nav
Women are a core pillar in business, but in far too many cases women face inordinate challenges and find themselves behind their male counterparts based on several measures when it comes to business ownership and incomes. While there are many incredibly successful female entrepreneurs that come to mind when discussing women in business, women remain underrepresented at the workplace and often earn less than their male counterparts for the same work.
Business owners already struggle to qualify for business loans or other forms of financing as they try to build business credit and build their businesses, and women business owners moreso. When loans are tough to come by, money can be in short supply and small businesses struggle.
These 13 grants are doing something to solve that problem. If you are a woman looking to start or grow a business, these small business grants for women and other resources may be just what you need to get to the next level.
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February 10, 2020 | admin
Source: American City Business Journal – Boston
When it comes to securing a commercial loan, business plans aren’t only for startups. Bankers want just as much information from an established business as they do from a new company.
You will have to demonstrate that you and your business qualify for a loan. Doing so will require you to present a story that is both compelling and complete.
“We want to hear the good, the bad and the ugly,” said David Bennett, senior vice president of business banking at Middlesex Savings Bank. “We may be able to help by connecting the business with mentoring partnerships like SCORE and the Small Business Development Center network.”
“Middlesex works so closely with its customers that its bankers might be considered part of the customer’s team of advisors, along with CPAs, attorneys, and insurance agents,” Bennett said.
“We can help them grow their company and ease their cash flow concerns. A lot of times they don’t have a team in place to help solve important issues,” he said.
A bank’s ability to help a business stems largely from the initial meeting with a client.
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December 1, 2019 | admin
Source: The ascent from The Motley Fool
Car loans and personal loans are both term loans, but there are important differences. Find out about car loans vs. personal loans here.
There are lots of different ways to borrow money for big purchases. And for many of us, one of our biggest purchases is a vehicle. If you’re buying a car, you may need to decide whether you should do so using a personal loan or a car loan. While car loans and personal loans have some similarities, there are also important differences between them.
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August 12, 2019 | admin
Source: The Roanoke Times
If you run a small business, you know the worry that comes from financial pressure.
No matter how much planning you did before opening or how careful you are with spending now, expenses just seem to crop up for small businesses. They’re especially stressful when you’re trying to turn even a small profit.
First, rest easy knowing that you’re in good company—many small business owners find they need more cash in the early days to keep things running, or even a few years in as they work to grow. And there are a lot of small business owners, with the majority of United States companies having less than 20 employees, according to the Small Business & Entrepreneurship Council (SBEC).
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July 14, 2019 | admin
Source: NY Daily News
Getting a small-business loan in this economic climate can be tricky, but it is certainly not impossible with adequate preparation. When they make their decision, lenders will primarily look at your credit history, business plan, education and experience operating the kind of business you want the loan for, as well as the feasibility of the business. This guide will show you what you need to do to get a loan for your small business.
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June 7, 2019 | admin
