Landlord EIDL application

[Mitchell R.]

The eidl loan appears to have a low interest rate.  Can I use this loan to apply to my mortgages?  Will it be difficult to qualify for a eidl loan that will pay my mortgages in full?  It seems the loan is 30 years at maturity with a 3.75% rate.  This seems like a good opportunity to recategorize my debt.  My K1 shows a loss, will this affect my ability to get a loan?

[Holly Qu]

Hope this helps. I posted on other threads.

I applied as sole proprietor - with dba - no entity - EIN for my DBA and Social Sec for me (the one employee)

After reading on the forums here I calculated my request based on 6 months gross rents using the previous 12 months

Everything for me was done online with no documents requested. I have an excellent credit score. My case was simple with no LLC's to verify.

My Timeline

April 10 Application submitted

April 13th received $1000

May 2nd I received the we understand letter

May 4th Email stating ready for the next step - create account on Portal. Please verify your identity on the portal

May 6th You are approved email

May 7th I signed loan docs in portal with docusign

May 8th Fully Funded overnight

Keep your heads up - The system is working!