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5 Replies Last post: Dec 5, 2008 6:08 AM by jimpaul007

New line of credit

Dec 3, 2008 2:58 PM

toolworxed 1 posts since
Nov 26, 2008

We are an 11-year old technology business located in Michigan that has had a loan with a local bank for years and have always made our payments on time. The note was on an annual renewal basis and the bank just decided not to renew our note. As such, we need to come up with a replacement note (current note is secured by CDs and real estate) as soon as possible in order to pay off the current note. We just started looking into financing alternatives, but with the current credit crisis and being in Michigan, that has been rather challenging. Does anyone know of any legitimate sources for a new line of credit?

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LUCKIEST 7,938 posts since
Aug 6, 2007

1. Re: New line of credit Dec 3, 2008 6:23 PM

New line of credit, Welcome Ed

You will get some great sources for a new line of credit. BE CAREFUL. How legitimate they are is between you and them. One of the first items a lender will want to see is a Business plan.

Do you have a Lawyer. Make sure he is involved in your search for a line of credit.

Then there is SCORE> SCORE is FREE, can not give you a line of credit, BUT can give you great advice,

Good luck, LUCKIEST

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NoBullFunding 278 posts since
Oct 6, 2008

2. Re: New line of credit Dec 4, 2008 12:41 AM

If you want to share some particulars, I can give you an idea of the likelihood of being approved. You can post them here or email me at nobullfunding@gmail.com. If it is secured with CDs and real estate, is it safe to assume that cash flow coverage is less than 1.25x?

Luckiest - What's the rationale of having a lawyer help find a line of credit? I've never heard of such a thing. Reviewing loan docs, maybe, but not with the actual search for a line of credit. Generally speaking, accountants are more familiar with financing and tend to have banking contacts.

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BizHelper 17 posts since
Nov 15, 2008

3. Re: New line of credit Dec 5, 2008 1:34 AM

Hi

I would like to help you with your business, please email me as I have a few questions for your about your company.

Accuratefinancial@accuratefinancial.info

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abc123. 8 posts since
Dec 5, 2008

4. Re: New line of credit Dec 5, 2008 1:43 AM

I would like to provide some input but would like to learn a little bit more about you and your situation. You can contact me at davidjouch@gmail.com.

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jimpaul007 2 posts since
Sep 18, 2008

5. Re: New line of credit Dec 5, 2008 6:08 AM

in response to: BizHelper

i have Equity line of credit account can i get fund? contact me jimpaul7@live.com

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ForumsFinancing Tips

This Question is Possibly Answered

New line of credit

Dec 3, 2008 2:58 PM

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