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Secure Loan for Business

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delanojr Joined: 16 Nov 2009 Posts: 1 1.27 Dollars($)	Posted: Mon Nov 16, 2009 8:02 pm    Post subject: Secure Loan for Business Like 0 Dislike 0 Loan needed! Can secure loan with residential rental paid for. New business less than 1 yr. property free clear need approximtely 40-50% ltv no credit. Personal credit would not qualify for loan. Home is in business name under LLC and rented. approximately 5 months.
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Mon Nov 16, 2009 11:38 pm    Post subject: Like 0 Dislike 0 Hi delanojr, You want to secure a loan for your business with a residential rental, right? Since the rental property is free and clear, you can use it as collateral for the loan. But I do not understand what you mean by "personal credit would not qualify for loan". What are your credit scores? Credit is an important factor these days. If your credit is not good, it will be very difficult for you to get a loan, even if you use your rental home as collateral.

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