I have searched and talked with so many different organizations about getting a business loan including SBA, commercial banks, and state funded organizations set up for funding small business owners. I have the business plan, the statistics for future sales and I have the collateral. What I don’t have is money for a down payment even if it’s only 10%. My other questions is regarding real estate. Do you need a down payment if you are buying a business already set up? Thanks in advance for any advice and/or encouragement.

(COMPANY NAME) has filed a UCC "FIXTURE" filing (Uniform Commercial Code) to perfect our security interest in the collateral on your loan. The UCC may affect your ability to sell your property or to refinance your existing mortgage on your residence. What does this mean?

I have posted similiar question about this but now that I went to CCCS for advice this is what they said. I’m overextended, duh? I thought that was a no brainer! I have 29000 in debt and the counselour stated it would cost me 772 a month to pay off my debt which would be at 10% for 5 years. I brought in a debt consilidation plan for a loan for 000 with no collateral needed at 8.9% for 5 years and the counselour shunned at it and said I had no chance at that loan? She did not know how I was living within my means…I told her I had overtime and take surveys on the internet and use Bank of Americas Keep the Change program. She did not comment on those things but said I could use food source and drive 1 hour to a Church to get food for a month to save on food, but no milk, OJ, bread is provided? I have a WalMart across the street and I save gas that way. It just seemed she thought I was a deliquent consumer by I have a good credit history and pay bills on time where else can I go?

hey all,

i’m a 21 year old college student majoring in music (production/recording). i just purchased my 1st home cash/outright.
i lost my mom in 2001 when i was 13 and used the modest life insurance policy she left for me to purchase the home. after losing my mom i moved in with my grandmother and lost her in 2004 after a year long battle with cancer. she left me a 1400/mo inheritance which i have been using for my education and related expenses. this $ is from her interest in a family business and will continue uninterrupted until her siblings sell the 2 commercial buildings they own and rent out. unfortunately i am a silent partner with no voting power and/or the ability to borrow and/or cash out of my interest in the co.

i have 100% equity in this property and its TAX ACCESSED value is 200k. just before i purchased the property i bought (cash/outright) 50k of landscape equipment and will be self employed/full time in the spring of 09. my education is almost complete…1 more semester and will continue on a part time basis. at this moment i have 10 weekly customers (800/wk or 3200/mo) and am looking to increase that # to 20-25 by spring. my property will also generate income…it consists of a 4br house, 2 br cottage, 2 car garage and is zoned "village commercial". with this zoning, there is an option to rent part or all of the property to certain types of business… pottery shop, general store, real estate office, bar/restaurant, etc. i have a couple ready to sign a contract for the cottage (1200/mo) and 2 roommates to share the house with me (600ea/mo). i also have the option to rent out a small commercial suite on the 1st floor of the house (1000/mo). my long term plan is to use this (comm) space for my professional recording studios… not ready ($).

although i do not "technically" have a declared income (yet), can i get a 100k loan using my property as collateral? moreover, can i use the rental, inheritance and landscape as income NOW, or how long do i have to wait to "technically" be considered a landlord and/or small business owner? i know i can handle this loan without any problem just with what i make right now. sad thing is… had i closed just a few months prior, it would have been "rubber stamped" by any bank and/or mortgage co. the way i found the property right up to the closing was done unconventionally… i am UNAFRAID to think and/or act out "outside of the box". any information and/or suggestions will be greatly appreciated. hope all is well. have a good one.

I own a 40’ X 60’ X 15’ concrete building for personal use, to storage my RV. I would like to know what personal loan programs, including terms and rates, are available if I use this property as collateral? Would the terms and rates be similar if (I were to use my personal residence as collateral? (Equity loan).
I want this loan to be an equity loan, not a commercial loan.
PLEASE I NEED ANSWERS FROM LOAN OFFICERS ONLY.
THANK YOU VERY MUCH
I already talk to some officers, but I want more opinions from other banks

My sister and I own a commercial building–the business we ran inside went bust thanks to the lousy economy. The building has been up for sale for many months with NO bites. We’ve lowered and lowered it. No one is buying–small town.

My sis and I both work, but this is still financially hard on both of us to keep paying on this building. Mortgage lender has changed our loan to a balloon mortgage, interest only (which saves us several hundred dollars a month), but if I sign it, we have one year & then have to come up with the entire principal, and he said there is NO guarantee they will renew it.

There is NO way we can pay it off in a year. So all this makes me wonder if we should just call it quits, keep what little we have left in our savings, stop working so hard to keep up on the mortgage. Our houses are NOT the collateral–the building is.

Sure, I know we’ll lose both of our top credit standings, but…..this is the pits, and it looks like we could lose it anyway in a year if we sign the new mortgage…..

What else would we face if we stop paying? Is it possible that it’s worth it?? Any other comments for us to think about?
Ananamas, yes, I did like your questions, but wasn’t sure how to implement them. For example, how do I find the kind of businesses who don’t have to be physically present? How do I contact them? That seemed daunting. Also, I think the city council requires that buildings on our block be a retail for customer to walk into.

As far as leasing it, we had some bites, but they ALL wanted to pay FAR less than our mortgage!! Very frustrating. People are low-balling.

Networking with local banks and Chamber about new businesses coming in or expanding–not sure either is happening in this community. No, we’re not in a dead community at all. It’s just the "economy{ thing…..

I’m still very interesting in all your ideas. Just not sure how to make them work. This is maddening.

I am looking for hard money loan base on equity as collateral.What are the common fees I should pay

My sister is a developer and has an investment company based in Dubai (over billion in assets). I am looking for a hard money lender in the U.S. (preferably NYC) for about million and want to use her land (we can use million worth of land) in Dubai as collateral.
Does anyone know where I can find a hard money lender who can/will do this. Any help would be greatly appreciated

I’m looking to invest in real estate through hard money loans and after some research and talking to some advisors in the field I found that you only make profit on these type deals when they are sold since the property is being used as collateral.
I’ve also heard that you can refinance the property brought with hard money, but I didn’t think this was possible since its already being used as collateral with the hard money. Can someone please share their knowledge with profiting from hard money deals. Thanks in advance.

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.

I have a start-up business. I haven’t sold or bought anything, due to the fact I don’t have any start-up funds. I have never used a credit card so I have no clue what my credit score is or even if i have one. I need a line of credit of at least 0,000. I don’t have anything to use as collateral except stock in my company. Where can I get a line of credit that my business would qualify for? And yes I do have a business plan.
My business plan has down a Line of Credit as the source of start-up funds and/or investors i.e. selling shares of the company. But regardless I need at least 0,000 to start it up.
I live in Idaho. Hopefully that covers enough informationwithout me having to make to many "Add details" hehe.

This is for commercial and residentail real estate. Renters can buy real estate. People with bad credit can buy real estate with little or no money down with me. People in chapter 13 bankruptcy can refinance out of it. People one day out of Chapter 7 bankruptcy can refinance or purchase real estate. I offer 100% financing on construction loans! I have loan programs for bad credit where the credit scores are ignored.

Commercial mortgages to 90% and working capital and closings added to that for a 93% commercial loan. These loans are based on the value of the collateral, credit, cash flow and resume of the borrower.

I look forward to your emails and working with you on your real estate financing requests.

Thank you.

To whom it may concern,
Hello, my name is Eddie. The reason for this post is because I’m looking for a hard money loan or a loan without requirements. I need a bridge to finance a property that I want to buy and invest in. I do have a job but I don’t have good credit or assets to put down as collateral but I was hoping to secure this loan with the piece of real property that I want to buy. I don’t know if it works that way but that’s what I was hoping to accomplish. The property I want to buy is in the City of Oceanside California, San Diego County. It’s a 2bdrm. 2baths. Condo currently listed at 9,900 it’s an REO Bank Owned Property and the agent told me that the bank MIGHT take a lower offer. I was hoping to get a loan for 9,900 and then offer 0,000 and hopefully get it at 0,000 and then fix up the condo for sale in like a month or two and list it at 0,000. The condo needs some repairs but nothing major. Please help.

eddielugan@yahoo.com

I filed for bankruptcy two and a half years ago after getting divorced. I am now trying to buy an existing bar/grill. All the lenders I spoke to will not loan to me till after my bankruptcy is off my credit report(another 7 1/2 years), even though my credit score is average, I have money down, collateral, cosigner and would have equity in the business property.
Does anyone know somewhere that would consider giving me funding???

Okay here is the deal, my Friend helped me refinance by giving me an arm for my home loan with out an escrow account for my taxes and for my business ( who I have a co signer for ) My home also has a 40k lien from the business as collateral & to top it off he gives me a private lender who charged me 6thousand for being 30 days late one time and giving a partial payment for a following month. Now that private lender knows I had a death in the family and wants me to make payments of 4k per month wich I cant afford or they will foreclose. I’m in default they say – I cant refi because my credit sucks now and I dont know exactly what to do.
I have a clean corporate business i.d.
Can I use that to purchase a house with good credit or at least get the co signer off the loan?
Should I handle it with a lawyer ? I just dont know what to do… your advice would be appreciated.
I might have some equity in the home to payoff the lein…
I have more equity in the commercial site.
I already own a house that has a little equity not much.
by selling then purchasing another home that has less of a loan amount and less taxes maybe less maintenance…
I could be living a little better.
my business property is separate.

Is it against the real estate law for an agent to give his client money for personal needs (to make the mortgage payment), and have the client name the agent as the beneficiary on the deed of trust to the house as collateral for the cash loan?
I'm sorry, I forgot to mention that I already own my home, I refinanced it to make repairs and have an agent who has listed it for sale. The agent helped me get the loan for the re-fi. The hard money loan came afterwards when the mortgage payments became more than i could afford so the agent offered to loan me money for survival until the house sold.

We are looking for a ,000 loan or credit line for our business. We have been around for almost two years and we have good collateral through real estate investing. We also have good personal credit. We have not applied before but now we would like to have access to reserves credit to pile cash. Should we look at some small local banks or a bigger bank for this?

Thanks

I would like to get a hard money loan or a secured loan using my mobile home as collateral. I want to borrow ,000 to use to start a business. My credit is bad but I have a mobile home that is paid off, that I could use as collateral. Does anyone have any information on where to get this kind of funding?
Thanks!