My husband and I purchased a franchise and a commercial piece of real estate before the big melt down. We went through a remodeling project to ready the property for the new business. We were running short of funds to complete the construction part of the project and pay for all the necessary equipment. We requested additional funds from the bank carrying the construction funding...they could not do anything for us (we did not know at the time that they were under FDIC watch and could not make any loans). We exhausted our personal funds to complete the project and open the business. Since our bank cannot complete the loan, we are looking for new financing. The bank with the construction financing has offered to discount the loan. I have two questions...our business was operating at a loss when we first opened (first three months). We are turning some big corners and reduced the loss substantially in the second quarter. We do have a commercial piece of real estate but our credit has taken a nose dive because we have had to inject alot of our personal funds into the business. I do have my credit scores from three months ago and six months ago, and they are considered very good. Are there lenders out there that can look at the whole picture and help us with new financing? Second question...our bank told us to make them an offer because they are willing to discount the note. Where do we start with the discounting?
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