I need to find a line of credit, using my business, but my credit is bad , any ideas?

Jul 26, 2009 in Business Line Of Credit

I am going back to college and want a line of credit, using my business as collateral, the problem is my credit is not good due to some bad business deals. Is there a lending institution that could help. I have two other people who have good credit and are willing to cosign. Also have paid for house I could use as collateral.

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3 comments

iraqisax on July 26, 2009 at 1:59 am

I would never co-sign for a person with bad credit. Credit is the ability to go into debt. Credit is a good thing. Using it is not.

If you elect to used credit, thereby going into debt, you need to pay that debt. How can you expect someone else to lend you money if you haven’t made good on previous obligations?
Rich on July 26, 2009 at 1:59 am

Put the line of credit in one of your friends names.
baconshmals on July 26, 2009 at 1:59 am

There are lenders out there for people in your situation. People with bad credit and want to improve their life. You should try a broker with several lenders they can work with.

A mortgage broker, like me, could have contracts with many lenders (we have over 150 that we work with) and there are a few out there that can do commercial, SBA, and the typical home loan. You should find one that can do both SBA and home loans, in case one of your options doesn’t pan out, you won’t have to find a new broker and switch.

If you have any more questions, email me or visit our website.

Baconshmals@yahoo.com

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