All Forum Posts by: Roy Gutierrez

For anyone that is trying to increase, I submitted the application and got this reply, not sure if they're trying to tell me that the COGS looks funny to them? not sure how to calculate that for real estate so just put an approximate cost to run my rentals. So it seems they want me to apply again, they're attaching the same forms I already sent to them! Confusing!

Originally posted by @Michael Masters:

Originally posted by @Roy Gutierrez:

Originally posted by @Michael Masters:

Has anyone else applied for an increase to their EIDL loan?  I did and received a response asking me to fill out two forms, IRS Form 4506-T and mystery form 3502.

I sent form 4506-T but their link for form 3502 did not work.  Does anyone have any clue what this form is?  An internet search didn't help.

 Hey Michael,

I just applied with an increase, you first had to send out an email and then they would send you back an email with 2 attachments (the 2 documents), look below, fill them out and emailed again my last tax return plus these 2 documents filled in. Applied Friday hopefully I won't take long to get an answer.

 Hi Roy,

I received a similar e-mail but the forms were not sent directly, instead a link to them was sent.  Unfortunately the link to form 3502 was broken and I can't find it on-line, can you send to me?

Definitely Michael, PM your email.
 

I'm trying to get a 6 figure loan, like you properties under my name, you think you can get more if under an LLC?

 Hey Michael,

I just applied with an increase, you first had to send out an email and then they would send you back an email with 2 attachments (the 2 documents), look below, fill them out and emailed again my last tax return plus these 2 documents filled in. Applied Friday hopefully I won't take long to get an answer.

Originally posted by @Bob M.:

Originally posted by @Joyce Williams:

@Kouakou Kossonou..... see image attached. I requested an increase via the “Need help? Send request now” on the approval page and yes I did accept the offer.

Joyce I had to do the same thing yesterday as the loan amount quoted was only $1000.   I explained to them that I had input the cost of goods sold wrong (I used 12 months total expenses but it should have been $0 I realize now) and lost rents wrong on the original application.  I’m hoping this is the reason they quoted so low.  How long did it take for you to hear back or get a loan increase after you did this?

@Joyce William, @Kouakou Kossonou

Still nothing, if you call reps they will tell you that there's no way to increase the amount, seems to be running into a wall, so then stupid me saw the link on the website to send a message, did that 2 days ago and no response, I still don't want to accept because I'm under the impression that if you accept that's it you can't change the amount.

Has anyone been successful in someone looking at the account again?
 

Got it, thank you Andrew.

Hi guys,

I have a house that I rehabbed in Detroit Michigan, acquired the house 1.5 years ago, house probably worth around 190K, own it free and clear. I've been talking to Huntington because they have a program where they cap the fees to $500 (some program that a few banks have with Detroit), but would like your recommendations for investor friendly banks that give great refi rates.

Thank you!

Hi everyone,

I applied for the EIDL loan but unfortunately when I entered my losses in the application I put an amount projected for 1 month instead of the recommended 6 months? Well, I recently got my login for my EIDL loan and my heart when I saw the loan amount! basically I have 8 houses and I'm getting losses based for probably 1 house, maybe 2, I'm calling customer service and they're telling me that there's nothing I can do, they can't transfer me to a loan officer or anything. Does anyone know if  it's possible to re-asses the loan based on it's true need? The 1 month is really not much help I have 8 properties and desperately need to have my situation reviewed and hopefully get a bigger loan. Maybe any particular number?

Thank you!

Thank you very much for the information Holly, today finally got the link to create my account and disaster, got a very low loan amount, basically about 1/6 of what I believe I should be getting if we go by 6 months of losses, the loan was exactly what I had put for 1 month of losses I believe, now have another fight to try to change this amount, wish me luck!

Has anybody been able to change the loan amount they assigned to you?

Also the same situation as Holly but sole proprietor, no LLC applied I believe the first week of April or maybe the end of March, have received nothing but an email "We know, understand, etc, etc...." FRUSTRATING.

Holly, how did they calculate the amount for the loan? Unfortunately I put my losses from the virus up to that point, I guess I should have put my projected losses for the year? A small loan will not help that much I need a big loan to cover all my properties.