Okay- now I need help!

chow · Posted: Thu Sep 29, 2005 8:08 pm Post subject: Okay- now I need help!

I need to find a NINA, signature business loan, or just a NINA signature loan. You'll got that? I Need a NINA Signature loan...No pool, not pet's

and no land. :wink:

I will not consider a second mortgage, because-I'm honest- I'm not on title to the house, and I wouldn't ever ask for a second to be attached for my own business. (If you owned your own DUH approved business for a bit, you wouldn't be on title to your own home either!)

I have spoken with 20 LO's at various banks, over a 10 day time period. They just cant seem to do a SBA loan without security, but I write them all night long?

My score is around 750-900 depending on your model of scoring. I have security in the form of IRA's and CD's. My own bank quoted me 10.75%. I looked at the LO, and asked them to go to AMEX.....

Who's my lender? I want a LOC 25k-50K for myslef, and when I find it-I have a few other's that will need same.

dsickler · Posted: Fri Sep 30, 2005 6:34 am Post subject:

Hi Chow,

I don't do those loans, but I just had a meeting yesterday with someone who possibly does. I will ask her tomorrow.

David

Seven Figures Proman · Joined: 27 Jun 2005 Posts: 33 Location: USA

Chow, US Bank has a business unsecured LOC up to $50k. Must prove business ownership with license and two year history is a plus.

I think the rate is 7% :D

Ciao,
7

chow · Posted: Sat Oct 01, 2005 12:49 pm Post subject:

It is a brand new business, that is where we run into problems! This business has never been created before, although there are several concepts to it that very close to the mortgage business. I'll give them a ring and see what they have to say about it. I called our local bank and they suggested an SBA loan from Nat City or Indpls Bank.

Seven Figures Proman · Joined: 27 Jun 2005 Posts: 33 Location: USA

SBA will not touch you. Have you owned some sort of maybe side business for a few years?...perhaps that would be the way to structure the file on an already excisting "old" business you have had. The other option is a coborrower who has a business with stellar credit.

Good Luck!
:D
Ciao,
7

chow · Posted: Mon Oct 03, 2005 2:55 pm Post subject:

Have I owned some sort of side business. Yes. Just a few. :lol:

I'm just having a problem with the SBA rates right now!

They will "Touch me" but I like a lighter touch!

They are ripping my new fall line of fish net hose up-with the rates and terms, and I've been more self employed that "real employed" most of my life!

(Well, I guess that's what the "Family Funding" is for eh?)

ken(TX) · Joined: 23 Sep 2005 Posts: 184 Location: Dallas, TX

using the IRA and CD funds you claim you had for security as the pledge? If you place those funds on deposit with the bank or lending institution you should be able to borrow against them at a fairly conservative interest rate.

The other suggestion which I happened to use for my company was a line of credit through MBNA that was unsecured. Yes, it is basically a credit card, but they offered me $27,000 at 1.9% APR fixed for 4 years which I thought was pretty fair. When after 4 years the 1.9% APR becomes something absurd like 19% APR then we have a problem......

good luck.

chow · Posted: Mon Oct 03, 2005 6:49 pm Post subject:

Yes, it is basically a credit card, but they offered me $27,000 at 1.9% APR fixed for 4 years which I thought was pretty fair.

When after 4 years the 1.9% APR becomes something absurd like 19% APR then we have a problem......

I would hope I don't have it for more than a yr...... Thanks for the suggestion on the low start rate.