Line Of Credit
How to Secure A Line of Credit When You Need Cash [K] [i] [n]
D.P. Brown (Kindle Edition) Learning Life eBooks 2010-05-19
Release date: 2010-05-19
Price:
$6.97
Answers
I would like to purchase a mix-use commercial space from the owner. I own all of my inventory. I need help locating a bank or mortgage company willing to work with a self employed entrepreneur. I have a equity line of credit already with a small credit union, however, they do not offer mix-use commercial loans. Can someone out there please help to steer me in the right direction? I need a second chance. Patricia
any bank esp. a community bank would be a good bet. make sure you ask if they are preferred SBA lenders since they have programs for small business owners that mitigate credit risk..
Commercial equity loan line of credit for all 50 states. Easily obtain a commercial property equity loan. Use many properties for a secured ...
We own a small business which really hasn't been doing to well at all the past few months. We have become over our heads in business debt (about 350k) which is in home equity lines, credit cards, business equity line, vendors, etc. What can we do?
if you cannot pay it then a chapter 11 may be in order or total dissolution if that is all you can do and reaffirm on what is secured
Additional details: This business is a partnership (no inc. involved) and both parties have good credit...
Unsecured is always the way to go if you can get it and at a fair rate.
You can't deduct a home equity loan used for that purpose as mortgage interest.............I guess you can but trouble is in the wind.
It would be a standard business deduction.
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About 10 years ago I used to have a business. I opened a line of credit for that business, and guaranteed it personally (it was the only way to get the LOC). For 10 years even though the business is no longer in existence I have been faithfully paying that loan back every month, on time. Some months I have paid back more than the minimum required, and have paid down the loan by about 10%.About $40K still is outstanding. My personal credit is excellent.
Now the bank wants to "review" my loan, and is asking for a new application, and copies of business and personal taxes. There is no business left for them to approve, so naturally they will not approve the loan. I can't afford to repay the $40k all at once.
Can they demand all $40k now? If I can't give it to them, what happens next- $40k is not much compared to equity I have in the home I co-own with my partner- how much if any could they take? Can they take the home if my partner (not married) also owns it?
Is there any way to "sell" my share of the home to other family? I have no idea how to do that.
I know there are a lot of questions here. I appreciate any advice you may offer.
Thanks!
Simply renew the loan using whatever collateral you have including the equity in your home if necessary. If you do not have sufficient collateral or your income is not enough to qualify for the loan, then yes, they can demand payment immediately.
About 10 years ago I used to have a business. I opened a line of credit for that business, and guaranteed it personally (it was the only way to get the LOC). For 10 years even though the business is no longer in existence I have been faithfully paying that loan back every month, on time. Some months I have paid back more than the minimum required, and have paid down the loan by about 10%.About $40K still is outstanding. My personal credit is excellent.
Now the bank wants to "review" my loan, and is asking for a new application, and copies of business and personal taxes. There is no business left for them to approve, so naturally they will not approve the loan. I can't afford to repay the $40k all at once.
What is my exposure? Can they demand all $40k now? If I can't give it to them, what happens next? $40k is not much compared to equity I have in the home I co-own with my partner- how much if any could they take? Can they take the home if my partner (not married) also owns it?
Is there any way to "sell" my share of the home to other family? I have no idea how to do that- is it necessary?
I appreciate any advice you may offer.
Thanks!
They could take your home but they won't. The home is protected against creditors for the first $100,000. You owe less than that so they won't waste their time. YOu will receive a judgement against you for $40,000. You won't be able to buy a new car with the Zero Down special at Zero percent interest rate.
They will offer you a "buyout". Offer to pay them $10,000 today to wipe the debt clean and they write a letter promising not to ding your credit..
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How To Start A New Business With Capital?
The number one reason that businesses fail is under capitalization. The way you build your business capital is very important but normally all small businesses require some capital to get started. Depending on the business, you may only need the capital for a short period of time to develop an inventory or pay salaries. Other businesses may require facilities and equipment purchases in addition to some operating capital to cover business expenses until sales and revenues can support the business. Here are 7 sources of capital you can use to get your business on the right track:
- Personal Capital. This is the source of capital that entrepreneurs turn to first because it’s the most easy to use. It’s the cash on hand, bank accounts, stock, and other sources of personal wealth that you can tap into for your business.
...News
New Chief at Bank of America Seeks Credit-Card FixWall Street Journal - Dec 29, 2009
1 small-business lender it offered unsecured credit lines of up to $100000 to start-ups, some in business for only one day. Bank of America's small-business and more »Minyanville.com - Dec 30, 2009
Because of this, most lenders are no longer offering home equity lines of credit and are reducing current lines with credit-worthy homeowners. and more »Reuters - Dec 30, 2009
Special Report: America's route to recoveryAccording to the US Small Business Administration, companies with fewer than 500 employees accounted for 64 percent of new jobs from 1993 to the third and more »
DSNews.com - Dec 23, 2009
The Business Age“The contraction in home equity lines is a reflection of the credit crunch both consumers and small businesses are facing,” said Adams. Equifax Data Show U.S. Consumer Payment Trends Continue to Deteriorateall 28 news articles »
Wall Street Journal - Dec 29, 2009
"The banks have really tightened up, so it's harder and harder to get a home-equity line of credit," Mr. Richardson says. "If you don't budget for repairs, and more »Microfinance Focus - Dec 30, 2009
In another similar development, around 30 microfinance lenders jointly took a 5% equity interest in High Mark Credit Information Services Pvt. Ltd, and more »
Wall Street Journal - Dec 08, 2009
Mr. White and his business partners had to make a quick decision. They used up their entire $30000 bank line of credit, used all of the company's cash and more »