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| *Loan,banking and credit>>>business credit |
How much money can 3 guys get for a business loan. with above average credit and 2 houses as collateral? |
3 business partners 2 houses for collateral and 15,000 down I guess it's going to depend on how much equity is in the two houses. What happens if the business goes under though and the two guys with houses lose their houses? The third guy has nothing to lose. I'd get a lawyer to work out some of the details on this. You need to do a business plan before you even walk into a bank. You need to figure out how much you actually NEED rather than asking how much you can get. To figure that out, you need a business plan. You might want to go to the SBA (Small Business Administration) website and see if you can get any help there too. I think you will find many lenders that will give you some very good offers out there. Even better offers if you all have shiny credit histories. Thats just my opinion. It depends on how much you want to borrow and the purpose for the loan. If you have a good idea for a money making business, you might be able to attract venture capitalists. The amounts available are almost unlimited. Everyone has pretty much answered this already, definately a business proposal is important, with expected expenses, return, marketing and market research. It is also going to depend on the value of the homes and whether there are already incumbrances on those homes and how you are going to pay back the loans while the business is getting off the ground. You will need to show evidence of current incomes and expected income during the build up period of the loan. Take with you bank statements for each guy, sometimes it is better to deal with a bank that knows your credit history first hand. Most important is be prepared before you go and then be happy to get them more information if they require it. Good luck |
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