The impact of bad credit scores on commercial loans has never been so severe. And we’re not just saying that so you read this article. As the commercial secondary market continues to take a beating and local banks that still lend off of their balance sheet cherry pick deals, borrowers credit score are an all too easy lending criteria to “pick on”.Unlike a lot of the components in commercial underwriting, the borrower’s credit score is simple to calculate and very easy to categories. Compared to predicting future business trend, or calculating property valuing in a declining market for example, figuring out the borrower’s credit score only take a few minutes. If the score is outside guidelines, it’s a dead file. For example the vast majority of banks simply will not look at deals where the borrowers score is below a 680 now. A year ago 620 was questionable, maybe even “looked down” on, but still doable.Improving ones score should be a huge priority for all borrowers. Much has been written on the topic (which we discuss on our website) but whatever strategy the borrower uses, if they decide to do it on their own or hire a firm to handle it for them, it should be taken very seriously.For commercial loans with bad credit that do close, the borrower is now paying a huge price for the lenders leniency. Rates are often 2% – 8% higher than on typical bank loans. Prepayment penalties are often very high and restrictive as some lenders within this arena charge interest lock outs and the like. Loan programs are often shorter as well and many lender including the government’s Small Business Administration charge high fees. For example the SBA 7a program, which is their most popular commercial mortgage, charges 2.75% on the front of the loan… And that’s the governments program!Bottom line – borrowers will save 10′s of thousands of dollars by rising that score and 10′s of thousands on transaction costs by not having to refinance out of short term loans that they where forced into due to personal credit scores. If you are in a position where you know you have to refinance your existing loan, perhaps it is ballooning or your existing bank is pressuring you to leave, get started on improving your score immediately as the impact of bad credit on your commercial loans is just too serious in this market.

Shoe Repairs And Several Other Things When I Was 7
My Dad repaired most of our shoes believe it or not, I can hardly believe it myself now. With 7 pairs of shoes always needing repairs I think he was quite clever to learn how to “Keep us in shoe Leather” to coin a phrase!

He bought several different sizes of cast iron cobbler’s “lasts”. Last, the old English “Laest” meaning footprint. Lasts were holding devices shaped like a human foot. I have no idea where he would have bought the shoe leather. Only that it was a beautiful creamy, shiny colour and the smell was lovely.

But I do remember our shoes turned upside down on and fitted into these lasts, my Dad cutting the leather around the shape of the shoe, and then hammering nails, into the leather shape. Sometimes we’d feel one or 2 of those nails poking through the insides of our shoes, but our dad always fixed it.

Hiking and Swimming Galas
Dad was a very outdoorsy type, unlike my mother, who was probably too busy indoors. She also enjoyed the peace and quiet when he took us off for the day!

Anyway, he often took us hiking in the mountains where we’d have a picnic of sandwiches and flasks of tea. And more often than not we went by steam train.

We loved poking our heads out of the window until our eyes hurt like mad from a blast of soot blowing back from the engine. But sore, bloodshot eyes never dampened our enthusiasm.

Dad was an avid swimmer and water polo player, and he used to take us to swimming galas, as they were called back then. He often took part in these galas. And again we always travelled by steam train.

Rowing Over To Ireland’s Eye
That’s what we did back then, we had to go by rowboat, the only way to get to Ireland’s eye, which is 15 minutes from mainland Howth. From there we could see Malahide, Lambay Island and Howth Head of course. These days you can take a Round Trip Cruise on a small cruise ship!

But we thoroughly enjoyed rowing and once there we couldn’t wait to climb the rocks, and have a swim. We picnicked and watched the friendly seals doing their thing and showing off.

Not to mention all kinds of birdlife including the Puffin.The Martello Tower was also interesting but a bit dangerous to attempt entering. I’m getting lost in the past as I write, and have to drag myself back to the present.

Fun Outings with The camera Club
Dad was also a very keen amateur photographer, and was a member of a camera Club. There were many Sunday photography outings and along with us came other kids of the members of the club.

And we always had great fun while the adults busied themselves taking photos of everything and anything, it seemed to us. Dad was so serious about his photography that he set up a dark room where he developed and printed his photographs.

All black and white at the time. He and his camera club entered many of their favourites in exhibitions throughout Europe. I’m quite proud to say that many cups and medals were won by Dad. They have been shared amongst all his grandchildren which I find quite special.

He liked taking portraits of us kids too, mostly when we were in a state of untidiness, usually during play. Dad always preferred the natural look of messy hair and clothes in the photos of his children.