Hurdles to Securing Financing are Getting Higher for Small Business Qwners and Home Buyers
Updated: Oct 14, 2020
Zillow reported in this week's "Zillow Market Pulse" that despite demand being high, traditional mortgage lenders "remain reluctant to resume normal lending standards, even as demand for refinance and home purchase loans remains firm." As an asset-based lender, Secured Lending Group is uniquely positioned to assist these private and commercial borrowers. Our programs include the Debt Service Compare Ratio Loan, a no income documentation loan for private investors and buyers and commercial loans for owners of commercial buildings, including retail establishments such as autobody shops, barber shops, and churches.
Zillow also reported that "relief efforts aimed at small businesses – such as the Paycheck Protection Program and the Federal Reserve’s Main Street Lending Program – have either expired or turned out less-effective than initially planned. And tight lending standards are also weighing on small businesses. In normal times, the main source of funding for small businesses is through bank loans, but that funding source has dried up recently. According to the Federal Reserve’s Senior Loan Officer Survey from Q3 2020, 70% of loan officers said they had tightened lending requirements for small firms – the highest share since Q4 2008."
You can read the full Zillow article here: