Whether you’re buying or renting a space as a rental property business owner, it’s safe to say it’ll be an expensive endeavor. Perhaps you can afford everything out-of-pocket, but for those of you who cannot, you’ll have to look into financial assistance.

As a landlord, your business could be growing quite quickly and maybe you’re looking to run more than one location. Remember, it’s important to know the size of the location you want and whether or not you can afford it. Outside of that, take into consideration how much funding you have available already. Factors like these will decide which loans are best for you.

When looking at loans, it’s best to choose ones that will help reduce as much financial strain as possible. However, you also want to get ones that fit your needs and do the most for you at the rates they’re offered.

3 Best Business Loans For Landlords

  • Non-SBA Loans
  • SBA Loans
  • Unsecured Business Lines Of Credit

Non-SBA Loans for Landlords

If you’re a landlord, but you’re not quite ready for an SBA, there are Non-SBA loans for businesses that are available. Non-SBA loans provide you with revolving capital and are great for business expansion, debt refinancing, working capital, and pay off high-interest debt and increase monthly revenue. With Non-SBA Loans, you can get upwards of $30,000 to $350,000 in funding.

SBA Loans For Landlords

If you do qualify for an SBA loan, you’ll be thrilled to find out they are the single best loan options for landlords. They provide the most money with the best rates. However, you do need to have an established business that’s at least 2 years old to qualify. Interest rates will be somewhere in the ballpark of 6.50% and 8.75%. The application process itself requires quite a bit of documentation and approval can take around 14 – 60 days.

Unsecured Business Lines Of Credit For Landlords

LOCs work a lot like credit cards– you’ll have a specific number for a limit. So, whenever you take out money, you only pay (plus interest) the money used and not the total limit. It’s great for landlords because of how flexible it is. LOCs can be used for a variety of unexpected expenses and is useful as a “rainy day” fund. To top it off, they’re also separate from your personal credit and help build business credit. When it comes to LOCs, you can get funding for upwards of $25,000 – $350,000.

The Three Cs For Landlords And How to Qualify For Loans

In order to determine whether you qualify, Finance Factory looks at the Three Cs: Credit, Cash Flow, and Collateral. Although the ideal credit score is 660+, they’ll look at anything between 680 – 800. As for cash flow, they like to see account balances of $1,000 – $5,000, minimum, but also look at monthly and annual revenue. And when it comes to collateral, Finance Factory primarily focuses on providing unsecured loans; however, they will accept collateral. It’s important to know that you only need to provide one of the Three Cs in order to qualify.

Finance Factory helps Landlords Find The Best Loans At The Best Rates

Interested in finding funding for your business? Finance Factory would love to help! If you’re looking to fund your business within the next 30 to 90 days for $25,000 to $500,00 and have a credit score of 660 or better, let’s chat! Get pre-qualified right now with our quick-step pre-qualification form! And don’t worry, this will not result in a hard credit inquiry of sensitive information. We just want to learn more about you and your business. Click below to get started!