Yes, your credit score is important, but so is your credit quality. You shouldn’t have any bankruptcies within the past seven years or any foreclosures within the past three years. It’s also important to not have any tax liens in credit portfolio. Even with a good credit score, your credit quality could prevent you from getting a loan.
2. Management Team Experience
Lenders take a good look at how well your business will succeed. They’ll want information about your property management team to make sure they have the necessary experience to run the property correctly. If your management team doesn’t have a lot of experience, the best thing you can do is show the lender a detailed business plan. Alternatively, you may want to consider hiring new management team members who do bring years of experience with them.
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