We decided three years ago to change our business plan and restore-customize six Corvettes big mistake our employees could not do the work leaving me to do all the build-up on the cars. Three years later the cars are completed leaving our reputation intact with me being the only one doing the work though our income was much lower. Our reputation is worldwide and I write tech articles and tech columns for various publications so we had no choice but to complete the cars or lose face. Now that the cars are finished we decided two years ago to buy a building and move the business out of Florida to start-up another shop concentrating on what worked well in the begining.
We figured no problem sell our Florida home and use the equity to finish paying off the commercial property make the move. Like everyone elses problem now we can't sell the house and there is no equity. We have a ballon note on the commercial property for 130K due now and haven't worked in the shop since Oct 2008 making the move and trying to complete the renovations on the building so we can work. All the lending institutions we have contacted want three years tax returns and although we have an extension I don't believe that the return will be favorable for a loan because lenders want to see enough income to pay for the note. Certainly I understand that the note must be secured and paid my main question is how are you supposed to obtain a loan using a business plan when they want to see past tax returns that don't reflect the business plan.
We have building/property equity, shop equipment and inventory we need the funds to pay the mortgage and finish renovations plus some operating capital how do you go about finding the funding?
We figured no problem sell our Florida home and use the equity to finish paying off the commercial property make the move. Like everyone elses problem now we can't sell the house and there is no equity. We have a ballon note on the commercial property for 130K due now and haven't worked in the shop since Oct 2008 making the move and trying to complete the renovations on the building so we can work. All the lending institutions we have contacted want three years tax returns and although we have an extension I don't believe that the return will be favorable for a loan because lenders want to see enough income to pay for the note. Certainly I understand that the note must be secured and paid my main question is how are you supposed to obtain a loan using a business plan when they want to see past tax returns that don't reflect the business plan.
We have building/property equity, shop equipment and inventory we need the funds to pay the mortgage and finish renovations plus some operating capital how do you go about finding the funding?
Tags:
capital,
loans
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