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3 Replies Last post: Mar 21, 2008 9:25 AM by RepoMama

Repossession Business - Worthy of Loan/LOC ?

Mar 20, 2008 4:02 PM

RepoMama 3 posts since
Mar 20, 2008

Good day all!

I am a co-owner of a family owned Repossession Business in SF Bay Area. We have been up & running as a Corporation pretty well since 1953 and are FINALLY looking into getting some money for trucks, equipment and cash to sit on and who know, we might even move locations. The amount we are thinking is in the ballpark of $175k to $250k MAX.

Truth be told, we both have average FICO scores and want to get the ball rolling by month's end. We have a D&B rating that is fair and some corp cards in the corp name(2 I think). However, EVERYWHERE I turn it's the same line, "we need your personal information" for a BUSINESS LOAN. HELP!

I truly look forward to insights and ideas.
I am working on a business plan and financial papers at this time.

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ecvision1 1 posts since
Mar 20, 2008

1. Re: Repossession Business - Worthy of Loan/LOC ? Mar 20, 2008 7:51 PM

Hi, you may want to call Ernest Vision @ Corporate Cash & Capital. The company helps small to mid-size companies get financing for projects. Give him a call at 678-656-7722. Best regards, Monique Daniels.

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LUCKIEST 5,368 posts since
Aug 6, 2007

2. Re: Repossession Business - Worthy of Loan/LOC ? Mar 20, 2008 8:41 PM

Repo, Repossession Business. It is a whole new world out there.
Banks and lenders want to see it all.
They want to know your business and they want to know who owns the business.
*So is there a reason you do NOT want to show * personal information??
Keep working on a business plan and financial papers at this time.
Do you know about SCORE?? SCORE helps people in business FREE.
LUCKIEST

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RepoMama 3 posts since
Mar 20, 2008

3. Re: Repossession Business - Worthy of Loan/LOC ? Mar 21, 2008 9:25 AM

in response to: LUCKIEST

Thanks for the posts all.

Luckiest - There is no reason I don't want to show or share personal information. It's breaks down to why do you need that information for a BIZ LOAN for a business that is a corporation and been around for OVER 50 years?

If I wanted a personal loan, then no issue. If it's a businss loan then call it that based 95% or more on Business stats and leave personal alone. No one has fully explained why this is, however I can see through the smoke to grasp the true meaning behind the need for personal guarantee's, however call a skunk a "Skunk" and stop with all the B.S.

Anyway, off my soap-box - - -
I have figures, stats and forecasts that I am working on - models based on with loan/line and without so I am pretty confident I can get a loan based on the BUSINESS side. I just need someone to give us a fair shake that way with no gimmicks, no money upfront for business credit building. We work hard, turn a buck and want to expand, move and modernize abit more . . .
Help Please . . .

RepoMama

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ForumsLoans and Lines of Credit

This Question is Not Answered

Repossession Business - Worthy of Loan/LOC ?

Mar 20, 2008 4:02 PM

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