Those of us who are self-employed know the rewards of working for ourselves. We enjoy working to our own schedules, being our own boss, running our businesses the way we want to and being responsible for our own successes and failures. Many of us work out of our homes and enjoy many tax write offs. I enjoy working to my own schedule and being responsible to myself and my family for how well I did one month over the other.
Along with those perks I also experience high times and low times. Like most small business
owners my goals revolve around growing my business. I don’t like to admit it, but it’s true, like most, I worry that my next deal or sale will be my last. I try my best not to let these feelings last too long and “get back on the horse” and keep going because I know that the next day could bring something better, and it usually does.
I’ve worked with many small business owners that wonder what to do if they need a mortgage. There are many reasons why a business owner is looking for a mortgage. Perhaps they are looking to refinance their home or business facility to pay off some business debts; renovate their offices, or buy some business equipment. There are personal reasons too, like moving to a new home, refinance to renovate, pay off debts, or perhaps you’ve had a bad year and you just need money to keep the family afloat.
If you’ve been in business for several years, business has been good and you declare a healthy taxable income, you could be in good shape and qualify for a mortgage with most lenders. But what if your accountant was able to take advantage of tax write offs and your taxable income is not a good representative of your real income? What if you do a lot of cash deals?
You aren’t the only one. Many lenders understand this and have lending programs geared to people who are in this situation. No doubt this economic climate has not made it easier for those of us outside the “box”, but there are alternatives.
Some options include using “stated income”, “alternative or B lenders”, or private lenders, which are all good alternatives when you are in this situation.
Follow my blog to find out more about how small business owners mortgage finance their properties.
