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Big Loan - 2nd Mortage

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Anonymous
Big Loan - 2nd Mortage 2016-02-18 03:30:05 Post No. 1098832
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Big Loan - 2nd Mortage Anonymous 2016-02-18 03:30:05 Post No. 1098832 [Report]
Does anyone know how hard it is to get get a large loan? I want about 400k for a business idea but obviously I cant just waltz in and get it, I've got a 150k in savings and the loan would be for heavy plant like trucks and generators so can it be secured against them ? Or will I need something like a house to sign over? My dad does have a 500k house and said he could act as guarantor , if he did that could I find a bank to literally just give me 3-400k cash? Although realistically I don't think I could ever do that to him.
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Anonymous 2016-02-18 22:20:31 Post No.1100162
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Anonymous 2016-02-18 22:20:31 Post No.1100162 [Report]
You almost never want to sign over personal guarantees for a business. Especially not a home. Its not a very good yolo.

Go talk to the Small business Association rep at your local chamber of commerce. They will help solidify your business plan for a lender/partner presentation.

If its an existing business that you're doing a value added play the SBA guarantees loans up to 20M without special consideration or accounting.
A new business can get 5 Million with the proper paperwork.
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