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Tuesday, November 27, 2007
Wednesday, November 21, 2007
What you should look for in a credit card
The world of credit cards has become increasingly competitive over recent years, and many people rely on their credit cards for anything from day to day spending to emergencies or one off, larger purchases.
There are many different credit cards on the market these days, with cards to suit all needs and circumstances. However, no matter what sort of card you are looking for there are certain things that you need to look at and compare in order to ensure that you get the right card for your needs and to suit your pocket.
The different areas that you need to compare and look at with credit cards will depend on the type of credit card that you opt for, as different credit cards will have different benefits and areas that will affect how suitable they are for your needs. Therefore you should make sure that you compare the relevant areas based on the type of card that you opt for.
This can be done with ease, convenience, and speed online, saving you time and hassle and enabling you to find a suitable card from the comfort and privacy of your own home. You can also make your application online once you have found a suitable card, and often you will receive an instant decision on your application.
0% cards
If you are looking to take out a 0% balance transfer credit card or a 0% purchase credit card you should make sure that you compare some important areas in order to find the one that offers the best value and is best suited to your needs. For 0% balance transfer or purchase cards you need to compare the different interest free periods, as the length of interest free credit offered can vary from provider to provider.
Obviously, the longer the 0% balance transfer or purchase period the more time you will have to repay your debt before being charged interest. Of course, the point of these cards is that you repay the balance in full before the interest free period expires so that you avoid paying any interest. However, do take into account the standard variable interest rate just in case.
However, your main priority should be the length of interest free credit available, as you can always transfer any remaining balance onto another balance transfer card if you have not repaid it by the time the 0% period expires.
Low rate balance transfer cards
If you are looking to transfer your high interest credit card balances onto a low rate balance transfer card you need to compare the interest rates offered by the different card providers. With these cards you can enjoy a low rate of interest for the life of the transferred balance, but the interest rates can vary from one provider to another.
You should aim for get the lowest balance transfer interest rate, as the deal is for the life of the transferred balance and therefore you won’t have to compare the length of the deal.
Rewards based credit cards
If you are looking to take out a rewards based credit card then you should be the type of person that repays the balance in full each month, as this is the only way that you can really benefit from these cards. Therefore the interest rate should not be your main priority with these cards.
Instead, you should be looking at the level of rewards offered per pounds spent, what sort of rewards are on offer, and whether there are any bulk rewards or other benefits available when you open your account.
If you tend to spread your repayments you will be charged interest on your debt, and this will counteract any benefit from the rewards that you earn, which is why these cards are not suited to those that do not settle up in full each month.
Charity credit cards
As with rewards based cards these cards are only really suited to those that settle their balance in full each month, otherwise you will be charged interest on your balance and this will counteract the benefits – you might as well make the donation directly to charity yourself and get a 0% purchase card in this case.
However, if you do settle your balance in full each month these cards can prove an effective and simple way to donate to charity. You should look at how much is donated to charity per pounds spent, as this can vary from provider to provider, and also whether any bulk donation is made when the account is first opened.
Bad credit credit cards
Unfortunately most bad credit credit cards do not offer any benefits as such, as they are designed to help consumers rebuild their credit. The one thing that you should look out for with these cards is the rate of interest charged, as this can vary from one provider to another.
Although the rate of interest on bad credit credit cards is typically higher than on standard cards, it can still vary and it is therefore advisable to compare rates and find the lowest rate possible.
However, wherever possible you should just use these cards to provide ease, convenience, and improve your credit through timely and responsible repayments, and you should try and settle your balance in full each month to avoid having to pay the high rates of interest.
Source
There are many different credit cards on the market these days, with cards to suit all needs and circumstances. However, no matter what sort of card you are looking for there are certain things that you need to look at and compare in order to ensure that you get the right card for your needs and to suit your pocket.
The different areas that you need to compare and look at with credit cards will depend on the type of credit card that you opt for, as different credit cards will have different benefits and areas that will affect how suitable they are for your needs. Therefore you should make sure that you compare the relevant areas based on the type of card that you opt for.
This can be done with ease, convenience, and speed online, saving you time and hassle and enabling you to find a suitable card from the comfort and privacy of your own home. You can also make your application online once you have found a suitable card, and often you will receive an instant decision on your application.
0% cards
If you are looking to take out a 0% balance transfer credit card or a 0% purchase credit card you should make sure that you compare some important areas in order to find the one that offers the best value and is best suited to your needs. For 0% balance transfer or purchase cards you need to compare the different interest free periods, as the length of interest free credit offered can vary from provider to provider.
Obviously, the longer the 0% balance transfer or purchase period the more time you will have to repay your debt before being charged interest. Of course, the point of these cards is that you repay the balance in full before the interest free period expires so that you avoid paying any interest. However, do take into account the standard variable interest rate just in case.
However, your main priority should be the length of interest free credit available, as you can always transfer any remaining balance onto another balance transfer card if you have not repaid it by the time the 0% period expires.
Low rate balance transfer cards
If you are looking to transfer your high interest credit card balances onto a low rate balance transfer card you need to compare the interest rates offered by the different card providers. With these cards you can enjoy a low rate of interest for the life of the transferred balance, but the interest rates can vary from one provider to another.
You should aim for get the lowest balance transfer interest rate, as the deal is for the life of the transferred balance and therefore you won’t have to compare the length of the deal.
Rewards based credit cards
If you are looking to take out a rewards based credit card then you should be the type of person that repays the balance in full each month, as this is the only way that you can really benefit from these cards. Therefore the interest rate should not be your main priority with these cards.
Instead, you should be looking at the level of rewards offered per pounds spent, what sort of rewards are on offer, and whether there are any bulk rewards or other benefits available when you open your account.
If you tend to spread your repayments you will be charged interest on your debt, and this will counteract any benefit from the rewards that you earn, which is why these cards are not suited to those that do not settle up in full each month.
Charity credit cards
As with rewards based cards these cards are only really suited to those that settle their balance in full each month, otherwise you will be charged interest on your balance and this will counteract the benefits – you might as well make the donation directly to charity yourself and get a 0% purchase card in this case.
However, if you do settle your balance in full each month these cards can prove an effective and simple way to donate to charity. You should look at how much is donated to charity per pounds spent, as this can vary from provider to provider, and also whether any bulk donation is made when the account is first opened.
Bad credit credit cards
Unfortunately most bad credit credit cards do not offer any benefits as such, as they are designed to help consumers rebuild their credit. The one thing that you should look out for with these cards is the rate of interest charged, as this can vary from one provider to another.
Although the rate of interest on bad credit credit cards is typically higher than on standard cards, it can still vary and it is therefore advisable to compare rates and find the lowest rate possible.
However, wherever possible you should just use these cards to provide ease, convenience, and improve your credit through timely and responsible repayments, and you should try and settle your balance in full each month to avoid having to pay the high rates of interest.
Source
Personal Loans
A wide variety of personal loans come with different rates of interests. Zeroing in on specific personal loans with a suitable rate of interest is a mammoth task and requires a planned approach. With a huge risk factor being a part of personal loans, it's always advisable to look up for alternative options to get loans. If you are fortunate enough to have a rich relative who can be your sponsor, you're lucky! The other options like home equity, credit cards, and 401(k) loan are any day better than going in for personal loans. But if you are left with absolutely no choice or want to stick to personal loans as your cash source, you better consider these tips before you borrow personal loans.
- Point number one is to get the facts straight. Do not take up personal loans without weighing the pros and cons. One way to do this is to go to online financial websites and compare the interest rates on various loans. Alternatively, you can also call the local banks in your area to learn the interest rates they offer on personal loans. This could give you a fair idea of the value of personal loans you'd be opting for.
- Don't forget to inquire about the rate cap and if the interest rate is fixed or variable. Also get some information on the annual fees.
But if you are a member of any credit union, the above-mentioned tips on personal loans are not for you. In this case, you are at an advantage. That's because credit unions offer interest rates that are 1%-2% lower than any multinational banks.
If you are regular customer of a community bank, you may even enjoy low interest rates on personal loans. Just make sure that you furnish true information to the bank to procure the loan. You might just get lucky to get a loan with fantastic interest rate. Also, don't be in haste to apply for personal loans in many banks. This could be more of a disadvantage to your prospects of getting personal loans. This has a direct bearing on your credit score. Any hasty move on your part to get personal loans could make your credit score go for a nose-dive.
So, what does this teach you? Start making sincere efforts to bring down the interest rates on personal loans by improving your credit history. If you blindly follow your bank's criteria for personal loans, your brand loyalty could cost you dear. A survey done by Intelligence Finance just goes to prove this fact. Coming back to the personal loans with low interest rates, Egg clearly states that some of these could be mere traps to fool the common man. There is only a very small fraction of borrowers who get all the benefits that are stated while taking the personal loans.
While each type of personal loans has its own plus points, the unsecured type outshines the rest. A major benefit with personal loans is the least time required for its processing. That's because it requires only the application form and your credit score for processing. You may get an answer from the bank within three business days of applying for the loan.
But always remember that personal loans should be the last option when you need money to make any purchase. It's always a better idea to postpone the purchase until you've saved enough money to make the purchase. Layaway or other modes of payment could be a better bet than applying for personal loans. So, plan out your requirements and then you can take an informed decision on borrowing personal loans.
The bottom lone is, while personal loans give you ample financial freedom to make any type of purchase, any wrong move on your part could spell disaster. Study the terms and conditions of the personal loans before you commit yourself to the financial institutions.
Source
- Point number one is to get the facts straight. Do not take up personal loans without weighing the pros and cons. One way to do this is to go to online financial websites and compare the interest rates on various loans. Alternatively, you can also call the local banks in your area to learn the interest rates they offer on personal loans. This could give you a fair idea of the value of personal loans you'd be opting for.
- Don't forget to inquire about the rate cap and if the interest rate is fixed or variable. Also get some information on the annual fees.
But if you are a member of any credit union, the above-mentioned tips on personal loans are not for you. In this case, you are at an advantage. That's because credit unions offer interest rates that are 1%-2% lower than any multinational banks.
If you are regular customer of a community bank, you may even enjoy low interest rates on personal loans. Just make sure that you furnish true information to the bank to procure the loan. You might just get lucky to get a loan with fantastic interest rate. Also, don't be in haste to apply for personal loans in many banks. This could be more of a disadvantage to your prospects of getting personal loans. This has a direct bearing on your credit score. Any hasty move on your part to get personal loans could make your credit score go for a nose-dive.
So, what does this teach you? Start making sincere efforts to bring down the interest rates on personal loans by improving your credit history. If you blindly follow your bank's criteria for personal loans, your brand loyalty could cost you dear. A survey done by Intelligence Finance just goes to prove this fact. Coming back to the personal loans with low interest rates, Egg clearly states that some of these could be mere traps to fool the common man. There is only a very small fraction of borrowers who get all the benefits that are stated while taking the personal loans.
While each type of personal loans has its own plus points, the unsecured type outshines the rest. A major benefit with personal loans is the least time required for its processing. That's because it requires only the application form and your credit score for processing. You may get an answer from the bank within three business days of applying for the loan.
But always remember that personal loans should be the last option when you need money to make any purchase. It's always a better idea to postpone the purchase until you've saved enough money to make the purchase. Layaway or other modes of payment could be a better bet than applying for personal loans. So, plan out your requirements and then you can take an informed decision on borrowing personal loans.
The bottom lone is, while personal loans give you ample financial freedom to make any type of purchase, any wrong move on your part could spell disaster. Study the terms and conditions of the personal loans before you commit yourself to the financial institutions.
Source
Tuesday, November 20, 2007
Casino at it's BEST
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Thursday, November 15, 2007
Pinay Scandal Revealed!
Today I am revealing some "Pinay Scandal" - no it's not about me and my adventures/mis-adventures, ohh gosh I got too much scandals already here in my blog.
What Am talking about is "Pinay Scandal" by Marhgil Macuha. Originally it is an SEO contest. I didn’t think it would catch fire until macuha.com according to Pinoy Ambisyoso, many posted comments on his Pinay Scandal post, and are interested to join this campaign. Get started now - this was simply similar to the Viral Tags that went around and got me right at the bottom - before I knew it, my ratings on Technorati and Alexa has jumped 10-fold! This campaign will generate tons of traffic from Pinoys searching for a piece of something.. and guess what? We just changed the Google Trend for this keyword. They’ll find your blog instead!! Haha!
I will make serial updates to this post adding those that will join the campaign. Let’s continue the experiment and see where it takes us… Goodluck bloggers! Let us change the
The Pinay Scandal Hitlist posted below.
1. Wanna know the latest trend about Pinay Scandal? by Dexter of Tech At Hand
2. Pinay Scandal… The Issue by Darang Sisa
3. Pinay Scandal by Almer Viloria
4. Google Suggested Pinay Scandal by Ada
5. Pinay Scandal by Ada
6. Pinay Scandal by Catzie
7. Pinay Scandal by Jehzeel Laurente
8. Pinay Scandals: Earning Big Bucks? by Nika
9. Pinay Scandal by Heart
10. Looking For Pinay Scandals?! by Eli
11. Pinay Scandal by Eligio
12. Pinay Scandal by Stentorized
13. Pinay Scandal by Caryl
14. Pinay Scandal o Iskandalosang Pinay by Kengkay
15. Pinay Scandal by Hazel
16. Pinay Scandal by Baby Face
17. Pinay Scandal Story by Pinoy Ambisyoso
18. Pinay Scandal by Kenneth
19. Pinay Scandal by JoanJoyce
20. Pinay Scandal, Anyone? by MyGlitch
21. Pinay Scandal Here by Jojitah
22. “Pinay Scandal” Idea by Neil
23. Pinay Scandal… In The Mind Of Pinays by Marikenya
24. The Pinay Scandal - Most Outrageous and Raw Scandal by Chuva
25. Pinoy Scandal Survivor No. 1 Proud Filipina: Julie Borje by Marikenya
26. Pinay Scandal by Chuvaness
27. The Best of Pinay Scandals by Rhodilee
28. Pinay Scandal by Che
29. Pinay Scandal by JeanGrey
30. Pinay Scandal Revealed! by Glitchline
31. Pinay Scandal on the Web by Philippine Elections 2007
32. Pinay Scandal, Let’s Play The Trend by Selaplana
33. The Hottest Pinay Scandals by iRonnie
34. Blog About Filipina, Pinay Scandal And Vedio by Allen
35. Pinay Scandal Video by Ronald Mojica
36. Pinay Scandal by Paulyn
37. Pinay Scandal Videos by Mi
38. Pinay Scandals by RhyannefranzWhat Am talking about is "Pinay Scandal" by Marhgil Macuha. Originally it is an SEO contest. I didn’t think it would catch fire until macuha.com according to Pinoy Ambisyoso, many posted comments on his Pinay Scandal post, and are interested to join this campaign. Get started now - this was simply similar to the Viral Tags that went around and got me right at the bottom - before I knew it, my ratings on Technorati and Alexa has jumped 10-fold! This campaign will generate tons of traffic from Pinoys searching for a piece of something.. and guess what? We just changed the Google Trend for this keyword. They’ll find your blog instead!! Haha!
I will make serial updates to this post adding those that will join the campaign. Let’s continue the experiment and see where it takes us… Goodluck bloggers! Let us change the
The Pinay Scandal Hitlist posted below.
1. Wanna know the latest trend about Pinay Scandal? by Dexter of Tech At Hand
2. Pinay Scandal… The Issue by Darang Sisa
3. Pinay Scandal by Almer Viloria
4. Google Suggested Pinay Scandal by Ada
5. Pinay Scandal by Ada
6. Pinay Scandal by Catzie
7. Pinay Scandal by Jehzeel Laurente
8. Pinay Scandals: Earning Big Bucks? by Nika
9. Pinay Scandal by Heart
10. Looking For Pinay Scandals?! by Eli
11. Pinay Scandal by Eligio
12. Pinay Scandal by Stentorized
13. Pinay Scandal by Caryl
14. Pinay Scandal o Iskandalosang Pinay by Kengkay
15. Pinay Scandal by Hazel
16. Pinay Scandal by Baby Face
17. Pinay Scandal Story by Pinoy Ambisyoso
18. Pinay Scandal by Kenneth
19. Pinay Scandal by JoanJoyce
20. Pinay Scandal, Anyone? by MyGlitch
21. Pinay Scandal Here by Jojitah
22. “Pinay Scandal” Idea by Neil
23. Pinay Scandal… In The Mind Of Pinays by Marikenya
24. The Pinay Scandal - Most Outrageous and Raw Scandal by Chuva
25. Pinoy Scandal Survivor No. 1 Proud Filipina: Julie Borje by Marikenya
26. Pinay Scandal by Chuvaness
27. The Best of Pinay Scandals by Rhodilee
28. Pinay Scandal by Che
29. Pinay Scandal by JeanGrey
30. Pinay Scandal Revealed! by Glitchline
31. Pinay Scandal on the Web by Philippine Elections 2007
32. Pinay Scandal, Let’s Play The Trend by Selaplana
33. The Hottest Pinay Scandals by iRonnie
34. Blog About Filipina, Pinay Scandal And Vedio by Allen
35. Pinay Scandal Video by Ronald Mojica
36. Pinay Scandal by Paulyn
37. Pinay Scandal Videos by Mi
39. Pinay Scandal Revealed! by Mesothelioma Info
40. Pinay Scandal or Pinay Sex Scandal SEO Project by Lestat
41. Pinay Scandal Here by Ronald
42. Sendal Videos Sell by Blogging Pinay
43. Pinay Scandal / Pnx And Pinay Scaay Scandal: 18 Above Only by Ceefive
44. Pinay Scandal Me by Marlene
45. Pinay Scandal in Baguio City by Reyna Elena
46. Pinay Scandal, Performing In Bubbles by Kotsengkuba
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Tuesday, November 13, 2007
Saturday, November 10, 2007
Financing Commercial Real Estate
Financing sources for commercial real estate include mortgage banking firms, savings and loan institutions, regional banks, insurance companies, and private investors. Commercial real estate financing can take on very different terms, and the way deals are structured is based on a number of factors, including:
* Anticipated use of the property;
* Anticipated returns from the property;
* Geography;
* Type of real estate;
* Size of real estate;
* Perceived risk to lender;
* Market conditions.
Each of these areas must be examined by the business owner prior to seeking commercial real estate financing. Business owners then need to examine the type of loans offered by lenders in accordance with their needs and anticipated growth. Unlike obtaining financing for residential real estate, where the transaction is based on the value of the home at the time of the sale, commercial real estate financing will be based — in part — on the value of the business in the future.
While some lenders specialize in specific types of commercial ventures, such as warehouses, retail operations, or apartment complexes, others provide across-the-board financing to a wide variety of commercial ventures. For the business owner, the key to starting the process is to have the necessary paperwork in order. Despite the many types of financing and types of commercial real estate, lenders remain primarily concerned with the level of risk they'll be taking. Therefore, they must see the following documentation:
* Income and expense statement for the property demonstrating a solid income stream;
* Financial statements on all principals involved as owners of the property;
* Profiles of the management team;
* Property appraisal;
* Financial statements on the borrowing entity;
* Plans, including construction blueprints (if available) for the use of the property.
Unlike most residential real estate transactions, the potential borrower is asked to pay 1 to 2 percent of the terms of the loan (referred to as “standby points”) to show a commitment to the deal. This amount is refunded once the loan is closed. If the lender decides to offer a loan, a
commitment letter is presented with their terms included. The loan agreement will usually include the length of the loan, interest rates (fixed or variable), and what the loan is for (new construction, the purchase of an existing property, refinancing). As the borrower, the business owner needs to see that the terms will allow the business to grow, and not derail such progress. Such a commitment letter or loan agreement will likely also include:
* Closing conditions;
* Owner occupancy requirements;
* Affirmative and negative covenants regarding what the borrower does and does not agree to do;
* Representation and warranties.
Once the lender and borrower have negotiated and come to mutually agreeable terms, the closing process follows, and it is usually more complex than that of a residential mortgage. Issues such as tenants, leases, environmental reports, and even zoning ordinances may all need to be factored into the closing process, which can take up to two or three months, in some cases
The key to commercial real estate financing is to find a lender that will meet the needs of the business, and then allow the business to grow. The right business can increase the value of the real estate it occupies, but only under an agreement that allows it to move forward.
Source
* Anticipated use of the property;
* Anticipated returns from the property;
* Geography;
* Type of real estate;
* Size of real estate;
* Perceived risk to lender;
* Market conditions.
Each of these areas must be examined by the business owner prior to seeking commercial real estate financing. Business owners then need to examine the type of loans offered by lenders in accordance with their needs and anticipated growth. Unlike obtaining financing for residential real estate, where the transaction is based on the value of the home at the time of the sale, commercial real estate financing will be based — in part — on the value of the business in the future.
While some lenders specialize in specific types of commercial ventures, such as warehouses, retail operations, or apartment complexes, others provide across-the-board financing to a wide variety of commercial ventures. For the business owner, the key to starting the process is to have the necessary paperwork in order. Despite the many types of financing and types of commercial real estate, lenders remain primarily concerned with the level of risk they'll be taking. Therefore, they must see the following documentation:
* Income and expense statement for the property demonstrating a solid income stream;
* Financial statements on all principals involved as owners of the property;
* Profiles of the management team;
* Property appraisal;
* Financial statements on the borrowing entity;
* Plans, including construction blueprints (if available) for the use of the property.
Unlike most residential real estate transactions, the potential borrower is asked to pay 1 to 2 percent of the terms of the loan (referred to as “standby points”) to show a commitment to the deal. This amount is refunded once the loan is closed. If the lender decides to offer a loan, a
commitment letter is presented with their terms included. The loan agreement will usually include the length of the loan, interest rates (fixed or variable), and what the loan is for (new construction, the purchase of an existing property, refinancing). As the borrower, the business owner needs to see that the terms will allow the business to grow, and not derail such progress. Such a commitment letter or loan agreement will likely also include:
* Closing conditions;
* Owner occupancy requirements;
* Affirmative and negative covenants regarding what the borrower does and does not agree to do;
* Representation and warranties.
Once the lender and borrower have negotiated and come to mutually agreeable terms, the closing process follows, and it is usually more complex than that of a residential mortgage. Issues such as tenants, leases, environmental reports, and even zoning ordinances may all need to be factored into the closing process, which can take up to two or three months, in some cases
The key to commercial real estate financing is to find a lender that will meet the needs of the business, and then allow the business to grow. The right business can increase the value of the real estate it occupies, but only under an agreement that allows it to move forward.
Source
Top 10 Commercial Real Estate Loan Mistakes
It is common for businesses to need commercial loans both at the start-up phase and once the business is up and running for equipment, expansion, or special projects. To make the right impression and secure the loan you need, it is important to be aware of some common mistakes.
1. Not thoroughly researching your options. You want to ensure that you have done your due diligence and reviewed commercial loan terms from different banks and other commercial lenders.
2. Not selecting the best lawyer. You should hire a commercial real estate attorney -- one who is very experienced in negotiating the types of real estate loans you are seeking. This is not the time to go with a friend or sister-in-law who happens to be an attorney.
3. Failing to have a definite plan. Lenders want to see that you have a plan in place for using the money. They also want to see a timeframe in which you anticipate completion of the planned project.
4. Failing to have a business plan. It is always advantageous when seeking a loan, or any type of funding, to have a well-structured business plan that includes all of the necessary operating and financial data. For more information on business plans, see Ten Reasons You Need a Strong Business Plan and the AllBusiness.com Business Plan Center.
5. Not having cash ready to put into the project. Before you apply for a commercial real estate loan, you need to make sure you have some available cash on hand. Commercial lenders want to see that you are investing your own money to cover a percentage of the project.
6. Not reviewing your balance sheet. Before taking out a loan, you should review your balance sheet and analyze your cash flow and liabilities to make sure that while paying off the loan you will still have enough money to run the property properly. For more information, check out The Balance Sheet for Small Businesses.
7. Failing to negotiate the best deal. This ties in closely with number two, regarding a competent real estate attorney who can help you negotiate the fine points when reviewing a commercial real estate loan offer.
8. Going straight to a familiar lender. Yes, it is good to have a rapport with a lender, particularly when you need a loan. However, there are new real estate products offered constantly, and it is worth your time to check out some of the other possibilities before going straight to your favorite lender.
9. Not checking with the SBA. It is always worthwhile to check with the Small Business Administration to see what loans they can help you attain and what advice they may offer.
10. Not having your ducks in a row. Make sure you have all the documentation that the lender would expect, and be prepared to show why the property or project makes fiscal sense.
Source
1. Not thoroughly researching your options. You want to ensure that you have done your due diligence and reviewed commercial loan terms from different banks and other commercial lenders.
2. Not selecting the best lawyer. You should hire a commercial real estate attorney -- one who is very experienced in negotiating the types of real estate loans you are seeking. This is not the time to go with a friend or sister-in-law who happens to be an attorney.
3. Failing to have a definite plan. Lenders want to see that you have a plan in place for using the money. They also want to see a timeframe in which you anticipate completion of the planned project.
4. Failing to have a business plan. It is always advantageous when seeking a loan, or any type of funding, to have a well-structured business plan that includes all of the necessary operating and financial data. For more information on business plans, see Ten Reasons You Need a Strong Business Plan and the AllBusiness.com Business Plan Center.
5. Not having cash ready to put into the project. Before you apply for a commercial real estate loan, you need to make sure you have some available cash on hand. Commercial lenders want to see that you are investing your own money to cover a percentage of the project.
6. Not reviewing your balance sheet. Before taking out a loan, you should review your balance sheet and analyze your cash flow and liabilities to make sure that while paying off the loan you will still have enough money to run the property properly. For more information, check out The Balance Sheet for Small Businesses.
7. Failing to negotiate the best deal. This ties in closely with number two, regarding a competent real estate attorney who can help you negotiate the fine points when reviewing a commercial real estate loan offer.
8. Going straight to a familiar lender. Yes, it is good to have a rapport with a lender, particularly when you need a loan. However, there are new real estate products offered constantly, and it is worth your time to check out some of the other possibilities before going straight to your favorite lender.
9. Not checking with the SBA. It is always worthwhile to check with the Small Business Administration to see what loans they can help you attain and what advice they may offer.
10. Not having your ducks in a row. Make sure you have all the documentation that the lender would expect, and be prepared to show why the property or project makes fiscal sense.
Source
Monday, November 5, 2007
Funding Dreams with a Personal Loan
That special project that you've planned is sure to make a difference in your life personally, professionally, or spiritually. Don't let the opportunity slip away with delusions of lottery winnings or a call from Deal or No Deal! If you need to create your own windfall of cash, a personal loan may be your best option.
The personal loan is an extension of credit provided by a financial institution. Unlike car loans, student loans, or mortgage loans, the funds borrowed are not designated for a specific purpose. Potential uses could be business start-up costs, a once-in-a-lifetime vacation, a dream wedding-literally anything you desire.
Types of Personal Loans
Personal loans can be either secured or unsecured.
* A secured personal loan requires collateral. This is usually a savings account, CD, or stock portfolio. Secured loans are easier to obtain than unsecured loans, particularly if your credit is less than stellar.
* An unsecured personal loan requires no collateral, but it will likely carry a higher interest rate and more restrictive terms.
The repayment structures for personal loans usually fall into one of three categories:
* Installment. Similar to a car loan, an installment loan has fixed interest and monthly payments.
* Balloon. A balloon loan is structured with lower monthly payments and a large "balloon" payment due at the end of the term.
* Single Payment. In this scenario, the lender requires just one payment of interest and principal at a future date. The single payment structure is typically reserved for very short-term borrowing.
Obtaining a Personal Loan
Since each lender has its own defined terms for personal loans, it's vital to shop around. Start with your bank; as an existing customer, you may be offered a discounted rate. Online banks and lending websites are also great resources. Collect several offers and compare terms. Once you pick the program that suits you best, your lender will walk you through the borrowing process.
A personal loan can help you make that dream a reality, and it's much easier to plan than winning the lottery. Is that opportunity knocking?
Source
The personal loan is an extension of credit provided by a financial institution. Unlike car loans, student loans, or mortgage loans, the funds borrowed are not designated for a specific purpose. Potential uses could be business start-up costs, a once-in-a-lifetime vacation, a dream wedding-literally anything you desire.
Types of Personal Loans
Personal loans can be either secured or unsecured.
* A secured personal loan requires collateral. This is usually a savings account, CD, or stock portfolio. Secured loans are easier to obtain than unsecured loans, particularly if your credit is less than stellar.
* An unsecured personal loan requires no collateral, but it will likely carry a higher interest rate and more restrictive terms.
The repayment structures for personal loans usually fall into one of three categories:
* Installment. Similar to a car loan, an installment loan has fixed interest and monthly payments.
* Balloon. A balloon loan is structured with lower monthly payments and a large "balloon" payment due at the end of the term.
* Single Payment. In this scenario, the lender requires just one payment of interest and principal at a future date. The single payment structure is typically reserved for very short-term borrowing.
Obtaining a Personal Loan
Since each lender has its own defined terms for personal loans, it's vital to shop around. Start with your bank; as an existing customer, you may be offered a discounted rate. Online banks and lending websites are also great resources. Collect several offers and compare terms. Once you pick the program that suits you best, your lender will walk you through the borrowing process.
A personal loan can help you make that dream a reality, and it's much easier to plan than winning the lottery. Is that opportunity knocking?
Source
Tips on Applying for Personal Loans
It's happened to everyone: Some unexpected expense pops up, and you don't have the cash to handle it. Your first instinct might be to reach for that credit card, or call Aunt Betty to ask for a loan. However, neither of these options is ideal. The answer may lie in heading to a local lender and applying for an unsecured personal loan.
Personal loan basics
A personal loan is a monetary advance made to you usually from a bank, credit union or finance company. Most personal loans are unsecured and carry a fixed interest rate. Maturity terms can vary widely, depending on the lender-some programs are as short as six months, and others as long as 10 years. The right time period for you will depend on how much money you need to borrow, what the interest rate is, and what you can afford to pay back each month. In addition to banks and credit unions, online banks and lending websites are also great resources to use for these types of loans.
It's always important to compare apples to apples when applying for a personal loan. Request written proposals from at least three different lenders, and compare each on the following:
* Interest rate (Compare this to the cash advance rate on your credit card, too.)
* Annual fees
* Restrictions on prepayments
* Length of repayment schedule
Scam Protection
Personal loans fall under the credit practice regulations administered by the Federal Reserve Board and the Federal Trade Commission. Unfortunately, the existence of regulations banning unfair or deceptive credit practices doesn't keep everyone on the straight and narrow. Ultimately, your best protection is shopping around and comparing the terms of several different lenders.
If you need money, don't pull out your credit card. And leave dear Aunt Betty alone. A little research may prove that a personal loan will provide you the funds you need with a structured repayment schedule that you can afford.
Source
Personal loan basics
A personal loan is a monetary advance made to you usually from a bank, credit union or finance company. Most personal loans are unsecured and carry a fixed interest rate. Maturity terms can vary widely, depending on the lender-some programs are as short as six months, and others as long as 10 years. The right time period for you will depend on how much money you need to borrow, what the interest rate is, and what you can afford to pay back each month. In addition to banks and credit unions, online banks and lending websites are also great resources to use for these types of loans.
It's always important to compare apples to apples when applying for a personal loan. Request written proposals from at least three different lenders, and compare each on the following:
* Interest rate (Compare this to the cash advance rate on your credit card, too.)
* Annual fees
* Restrictions on prepayments
* Length of repayment schedule
Scam Protection
Personal loans fall under the credit practice regulations administered by the Federal Reserve Board and the Federal Trade Commission. Unfortunately, the existence of regulations banning unfair or deceptive credit practices doesn't keep everyone on the straight and narrow. Ultimately, your best protection is shopping around and comparing the terms of several different lenders.
If you need money, don't pull out your credit card. And leave dear Aunt Betty alone. A little research may prove that a personal loan will provide you the funds you need with a structured repayment schedule that you can afford.
Source
The Art of the Budget
Budgeting is like art. Both require discipline and perseverance, and both can yield a beautiful end product. The difference is that you don't need talent for good budgeting; you only need determination and a few simple tips.
No one likes going on a diet, but everyone loves the finished product. The same principle holds true when you use a budget for debt management. You may have to stop indulging in items that you can't afford, but ultimately, you won't be disappointed when your bank account gets fat with savings.
To create a budget, take a pen and paper and write down your monthly income and expenditures. Then follow these budgeting tips:
Remember the fun
Paring everything back to the bare necessities is the knee-jerk reaction when you start creating your budget, but it isn't practical or realistic. Life's too short to cut out all the fun. However, if you can pare back those "fun" funds to about 5 percent of your income, you'll be in good shape.
Minimum-only is a major problem
If you have credit card debt, pay more than just the minimum balance. Put some extra dollars toward the principal-otherwise your debt will never go away. You can also take out a debt consolidation loan and combine all your credit card balances into one tax-deductible loan.\
Pay yourself first
Set up an automatic savings program where you put aside savings every month. Even a little bit of savings set aside regularly can result in a large chunk of change over time.
Don't let your rainy day funds dry up
It's easy to get into serious debt when your back is up against the wall. Create a rainy day fund, generally 3 to 5 months worth of income, just in case you run into a desperate situation. If you don't, you may find yourself forced into a bad credit mortgage or borrowing from relatives.
Budgeting is like dieting: You begin enthusiastically, but your willpower wanes over time. The key to sustaining a budget-like a diet-is to make it realistic. Include money for entertainment, and save a little bit every month. Once you've adjusted to your budgeted lifestyle, you'll feel good about saving more and spending less.
Source
No one likes going on a diet, but everyone loves the finished product. The same principle holds true when you use a budget for debt management. You may have to stop indulging in items that you can't afford, but ultimately, you won't be disappointed when your bank account gets fat with savings.
To create a budget, take a pen and paper and write down your monthly income and expenditures. Then follow these budgeting tips:
Remember the fun
Paring everything back to the bare necessities is the knee-jerk reaction when you start creating your budget, but it isn't practical or realistic. Life's too short to cut out all the fun. However, if you can pare back those "fun" funds to about 5 percent of your income, you'll be in good shape.
Minimum-only is a major problem
If you have credit card debt, pay more than just the minimum balance. Put some extra dollars toward the principal-otherwise your debt will never go away. You can also take out a debt consolidation loan and combine all your credit card balances into one tax-deductible loan.\
Pay yourself first
Set up an automatic savings program where you put aside savings every month. Even a little bit of savings set aside regularly can result in a large chunk of change over time.
Don't let your rainy day funds dry up
It's easy to get into serious debt when your back is up against the wall. Create a rainy day fund, generally 3 to 5 months worth of income, just in case you run into a desperate situation. If you don't, you may find yourself forced into a bad credit mortgage or borrowing from relatives.
Budgeting is like dieting: You begin enthusiastically, but your willpower wanes over time. The key to sustaining a budget-like a diet-is to make it realistic. Include money for entertainment, and save a little bit every month. Once you've adjusted to your budgeted lifestyle, you'll feel good about saving more and spending less.
Source
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