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Updated over 7 years ago on . Most recent reply

User Stats

15
Posts
11
Votes
Saulo Queiroz
  • Contractor
  • Bridgeport, CT
11
Votes |
15
Posts

Company owner with no W2..How do I get a loan?

Saulo Queiroz
  • Contractor
  • Bridgeport, CT
Posted

Hello!

As of November 2016 my electrical company was doing well so I quit my W2 job to work for myself. At the time I was working for someone else, I was growing my company on the side,and accumulating a few months of savings so that I could make that switch to working for myself, and with that I couldn't afford to buy a house. I didn't know that financing while working for myself would be difficult... 

Here is my question. Since I started working for myself full time I have been paying myself a weekly income (in the form of a check) from my LLC's bank account to my personal account, shouldn't this show the bank that I have steady income from the business even if I don't have the company for 2 yrs? Anything else I can do besides wait or form partnerships?

Most Popular Reply

User Stats

92
Posts
52
Votes
Samantha Magina
  • Real Estate Agent
  • Westford, MA
52
Votes |
92
Posts
Samantha Magina
  • Real Estate Agent
  • Westford, MA
Replied

You may luck out with a community bank that is willing to look at your previous w2 pay and also your company's tax return for 2016 and possibly year to date financials for 2017. You left a w2 job but moved directly into a self employed role in the same industry.

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