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5 Replies Last post: Jul 25, 2008 12:06 PM by Cheri34667

Looking for a LOC

Jul 25, 2008 10:44 AM

Click to view Cheri34667's profile Professional Cheri34667 4 posts since
Jul 25, 2008
I purchased all equipment with cash and found out after the fact I have many building repairs to complete. All quotes previously by Contractors have been higher due to the Department of Health and Permitting Department. I do have retirement funds that are not available due to my age. Looking for some creative financing. Please advise. I need approx. $30,000.00 to complete.
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
1. Re: Looking for a LOC Jul 25, 2008 11:22 AM
Looking for a LOC, Welcome.

Tell us more. The last thing you want to do is use retirement funds. (glad you have them)

Who are you?? Where are you?? How long do you need the funds for??

Do you know about SCORE?? SCORE is FREE

LUCKIEST
Click to view Cheri34667's profile Professional Cheri34667 4 posts since
Jul 25, 2008
2. Re: Looking for a LOC Jul 25, 2008 11:34 AM
in response to: LUCKIEST
Hi and thankyou for the questions. Shows this may or may not be an advantage. I am the owner of the business, in Hudson Florida and only need the loan for a maximun of 5 years. I am willing to entertain 3 years if necessary.
Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
3. Re: Looking for a LOC Jul 25, 2008 11:39 AM
in response to: Cheri34667
Looking for a LOC, Hi (do you have a name??)

What kind of business?? How long have you been the owner?? Lease??

Do you have an Accountant?? Prior year tax returns??

Have you prepared a Cash Flow Statement??

Thanks
Click to view Cheri34667's profile Professional Cheri34667 4 posts since
Jul 25, 2008
4. Re: Looking for a LOC Jul 25, 2008 11:46 AM
in response to: LUCKIEST
Yes my name is Cheri, yes I have an accountant. I just took out a 3 year lease on a building w/1.5 acres on a main intersection of US 19 in Hudson Florida. The business has not opened. My projected opening date is on or before November 2008. The building has been vacant and needs extensive repairs that were not anticipated. As I previously stated I used all my liquid assets to purchase all the equipment and furnishings. It is in my contract with the owner that on my notice to vacate he will return half of my building improvements and the remainder on my vacating up to the amount of $45,000.00. My projected amount needed to complete is $21,000.00. The business is a Beer and Wine Tavern with an outside Beer Garden and Tiki Bar.
Click to view Cheri34667's profile Professional Cheri34667 4 posts since
Jul 25, 2008
5. Re: Looking for a LOC Jul 25, 2008 12:06 PM
in response to: LUCKIEST
Just remembered, I do not know my current credit score. I have been a BOA in good standing. I did close out all my BOA credit cards with no balance in order to gain credit. As you well know available credit used or unused applies to your available credit. It will take 3 months to make this additional credit to be available for a Credit Line with BOA. I believe my credit SCORE is around 750