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3 Replies Last post: Apr 20, 2008 3:38 PM by FinanceHelp4U

Obtaining a Loan

Jan 13, 2008 11:21 PM

gnc1304 9 posts since
Dec 6, 2007

I wrote a message before and i got a lot of good and positive feedback, i went out to plenty of banks trying to get a loan for an existing business, and they turned me down because i dont have any assets for a fraction of the amount that i am asking (700K), i need help and tips in how to get a loan of that amount. Please help.

Thank You.

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LUCKIEST 5,722 posts since
Aug 6, 2007

1. Re: Obtaining a Loan Jan 14, 2008 7:37 AM

You posted this question TWICE. You went out to plenty of banks trying to get a loan for an existing business,
and they turned you down. WHY??
When a bank turns you down they should give you a reason, Also the trick is not to go to"plenty of banks".
Be selective. Bank computers talk to other bank computers and they do NOT like PLENTY.
LUCKIEST

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MoltenJavaDev 12 posts since
Jan 14, 2008

2. Re: Obtaining a Loan Jan 15, 2008 3:09 PM

My suggestion would be to go to a commercial loan broker that can obtain "Hard Money" loans or have stated income/asset loan program, depending on you business, you will have to have either equity or a down payment of 10 to 30%. In some cases you can even have private investors fund your DP. Check with the broker for available options. This will also help eliminate the MANY banks issue. A good broker will know if you are an ideal canidate before they even submit your application

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FinanceHelp4U 48 posts since
Mar 5, 2008

3. Re: Obtaining a Loan Apr 20, 2008 3:38 PM

+Please feel free to contact me - I am a Financial Consultant. My contact information is below. Thank you,+</stro<br />Carol, Financial Consultant*
FinanceHelp4U
hardwork70@newwavecomm.net
(877) 382-8159 Toll Free

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ForumsTechnology Management

This Question is Possibly Answered

Obtaining a Loan

Jan 13, 2008 11:21 PM

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