Go Back   The Finance Forums > Finance forums > Debt

Debt Discussions about debt and how to deal with debt.

Thread Tools
Old 11-15-2010, 01:18 PM
selfmovesusa selfmovesusa is offline
Junior Member
Join Date: Nov 2010
Location: Virginia, USA
Posts: 2
Default Chasing my tail!

I have a family owned business which has been in existance for 14 years. Due to some bad business advertising / partnership - I ran up bills and now it has come back to haunt me.

I need to get a debt consolidation loan ($100k-$150k) so that I can condense everything...keep the doors open and get us back on track.

The banks have said no (I've been with BOA for the entire 14 years - we have regular FICO scores of 700+ ...but they state there at 15 different FICO scores that can be used and we come in under 650 with them??).

Unfortunately, we applied for a bunch of loans online and now realize that every inquiry throws a 'ding' into the score and with other creditors confidence.

Almost got scammed with Argon Financial Group Inc (Washington DC) who stated they would give me a $100k loan for 25 yrs at 5%. They wanted a $8k collateral. Very fishy - went to their location and its a TOWNHOUSE.

So, bottom line is I need help. I have real estate (3 Properties)...but as the old saying goes - have equity on paper but cash poor. Banks wont allow to borrow as there is only 85% or more LTV.

Can anybody direct me to a private lender (not scam artists) that can help out with unusual situation - and can think outside the box, etc... Conventional methods are not working - so have to go unconventional.

Thanks for any help that can be provided.
Reply With Quote

Old Sponsors
Old 11-17-2010, 11:10 PM
cjscully cjscully is offline
Join Date: Oct 2010
Location: California USA
Posts: 90
Default Re: Chasing my tail!

Tough situation. You've got high LTV so your real estate won't work as collateral. What about receivables? Have you looked into financing based on your receivables?
Reply With Quote


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

» Boards

All times are GMT -4. The time now is 09:17 AM.

Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.