A commercial land loan allows businesses to purchase land, buildings, or other property. Like a home mortgage, a commercial land loan uses the property being bought as collateral against the loan. Unlike the process for home mortgages though, approvals for land loans are based on the property you re interested in buying. You ll need a solid business plan and careful evaluation of the land to receive funding.

When buying a new property for your business, location is essential. Find a real estate agent that knows the area as well as the business potential. He/She should help you evaluate foot and vehicle traffic, zoning regulations, and any previous uses and their success or failure.

You ll need to convince your lender that your new property will make money. Detailed financial plans, reports, balance sheets, tax documents and sales records will be required to show the overall health and sustainability of your business.

A new property will mean a new business plan, tailored to what you plan to accomplish once you move. Prepare a detailed analysis of the costs and income you expect in your new space and be sure to include the costs of staffing, maintenance and loans on the new property as well as a contingency plan for any challenges you may face. Read the rest of this entry »

Having your job terminated would most definitely be a catastrophe for you, especially when you are the only one that is working to support your family. Without a job, there is no source for your finances, and things would become bad very quickly in terms of living quality when you lose your job. And in this challenging environment, it is going to be difficult to get another job immediately, thus brace yourself for the after-effects of losing a job, and damage limitation is what you must practice if you want to survive until you get another job.

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All is not lost when it comes to protecting yourself from foreclosure. Here are the steps that you need to follow to protect yourself from the foreclosure process. Keep in mind that once your lender has expressed his or her plans to foreclose on your home, your time is extremely limited. This is a fast moving process, and because time is of the essence, you have to act fast if you want to succeed.

1 – For starters, do not ignore the problem. As you become further and further behind in your finances, the more difficult it will become for you to reinstate your mortgage loan. The harder it becomes to reinstate your mortgage loan, the more easily your lender will find it to take your home from you.

2 – Contact your lender as soon as you know that there is a problem. Nothing dictates that you have to wait until your lender plans to foreclose. In reality, lenders do not want your home; they would rather you simply paid your mortgage on time so that they can be paid back for their investment. Because Read the rest of this entry »