As you know, your bad credit score can lead it to more not easy to qualify for a loan. However, since a second mortgage is often a secured loan, it translates that your lender does have some security planet deal - namely the equity with your home using them as fairness. Therefore, the fact a person need to have a lower credit score does not come into play as much. You may pay a higher interest rate, but will need qualify for a financial loan.
A delay in the approval in the second mortgage is the of your worries. At most, they are free to deny that you a loan if your credentials are not sufficient. That is why it is better to apply only if your income significantly exceeds your debt is.
So often, with by far the most kickin' 5-7 truck outfit, the lure of Perfection starts to complicate this company. Simple systems that can be easily trained and duplicated crumble under the creation of even-better systems. Basic, functional financial statements become 30 page affairs with each account sliced into a dozen sub-accounts. Simple Sales tracking (a if perhaps you sold it, a zero an individual didn't) become multi-page spreadsheets that dependability from their flooring CPA together with an audit before a results could be posted with the "Jumbo-tron" in the break cabin. If you want to expand, you will need to keep it simple. Ask ask ask these questions every time you and a team member is tempted to get fancy with your current, working systems.