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thomascorrao · Posted: Mon Feb 04, 2008 1:56 pm Post subject: Private Loan? Does anyone know

I have someone looking for a private loan, its actually not for a house. Its for a business purchase.

Does anyone know of someone that does private business loans?

gmakerley · Posted: Mon Feb 04, 2008 2:17 pm Post subject:

can you elaborate, tom? do you know what kind of business and the type of financing being sought? there are lots of lenders amenable to what you might be talking about.

thomascorrao · Posted: Mon Feb 04, 2008 2:27 pm Post subject:

Sure, Its someone looking to purchase a business from someone else. Its not for real estate, its for good will and the assets.

I heard there's companies that of course with very high interest rates, will lend money pretty much personally. And if the person defaults, they take the assets and the business.

Not to sure how it works, but I need to help this client.

evolovik26 · Posted: Tue Feb 05, 2008 7:47 am Post subject:

you need a commercial lender that lends on specific type of business or if not then Small Business Assosiation, but chances are if there is no bank lending on it then SBA wont give money either.

Posted: Tue Feb 05, 2008 7:59 am Post subject:

Yes thats why they need a private lender, so they can be creative and think outside the box.

brad · Posted: Thu Feb 07, 2008 12:44 pm Post subject:

Yes its called hard money. If the LTV is low enough you can pretty much get anything done. There are a bunch of them what state are you in maybe i can refer someone.

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Private Loan? Does anyone know