Kudos to you for your entrepreneurial spirit! You are one of the rare individuals who makes traditional lenders and creditors scratch their heads because you donâ€™t fit into their â€œbox.â€
However, there are a few suggestions that may help you locate a lender who can see past the traditional W2 lending criteria. The lender would have to use â€œnon-traditionalâ€ credit to build a credit profile for you. This takes a little effort both on your part and on the lenderâ€™s part. Some lenders are not willing to go the extra length because the lenderâ€™s underwriter still may kick it back, unapproved.
Try to think out of the box when it comes to pulling together a profile of your cash spending habits. Here are a few things you may wish to gather to see if these could be useful:
Â· Bank statements reflecting the deposits and expenses related to your online business
Â· Tax returns showing your yearly income, profit & loss statements from your business and tax payments
Â· Current rent payments to landlord
Â· Cell phone on home phone bills
Â· Utility bills
Â· And other non-traditional debts or obligations, such as storage unit, vendor stall fee at flea market, etc.
There are also several very active lending groups in Baltimore. There is a shortage of suitable housing for those you mentioned in your post. My suggestion is to pull together a tight written plan, with all supporting documents and make a pitch to a few micro lending agencies. Here are a few suggestions for you to contact:
Â· Rebuilding Baltimore http://www.bclending.org/
Â· Women Entrepreneurs of Baltimore http://www.webinc.org/
Â· Foundation for International Community Assistance http://www.finca.org
Â· Kiva Loans http://www.kiva.org
Â· Catholic Relief Services http://crs.org/microfinance/
CRIS, AHWD, Certified Foreclosure & Short Sale Adviser,
Employer-Assisted Housing Specialist
Champion Realty, Inc.
711 Bestgate Road, Annapolis MD 21401