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    12 Replies Latest reply on May 12, 2009 12:38 PM by funds2924

    funding nightmare

    garden Newbie
      all we need is 8,500 to purchase a 26,000, current appraised, peice of property, in north texas, and have been everywhere, and have been told no over and over, we did everything, title search, lien search, including jumping thru hoops, heard every excuse in the book, we wanted the property to expand our business, we have a chance to be on a national tv home and garden show, showing our products, we use our paychecks to run the business, have for 8 years, do not qualify for sba, micro loans, angel investers, venture capital , banks and everyone else we could find in the phone book, the only ones who would work with us wanted serious money up front, before we could get the loan, bank said no on the 8500 and said yes to the124,000 property across the street, have not figured that one out yet, got rid of our credit cards 4 years ago, and everyone is telling us to get another credit card to purchase the property, any other ideas out there,
        • Re: funding nightmare
          Wayfarer
          The situation you are in is very similar to a lot of clients we see here at Initial Underwriting Group. Unfortunately it doesn't sound like you have any options. In the future you may consider building business credit so that you can establish a business credit profile for your business.

           

          Good luck

           


          Sincerely,

           

          Ilya Bodner
          Small Business Owner
          Initial Underwriting Group
          www.initialunderwriting.org
          • Re: funding nightmare
            DomainDiva Ranger
            If your credit score is high enough you can get a zero percent credit card for 12-18 months. Thats how I paid off our computer equipment. Go for it. Start calling the banks like Citi and Chase, both are having credit card promos if you can qualify. Do not tell them what the card is for.
              • Re: funding nightmare
                garden Newbie
                thanks for the tip, however did you know, citigroup owns 99 percent of all credit cards, and they charge 18 to 30 percent, even with good credit, so now everyone can get a bailout loan just go thriu citibank, citicorp, citi group, and how ever many more, they own now, the same with wells fargo and chase, they have become extremely wealthy here lately, i do not want to disrespect anyone here, this is a good site, it took us 5 years to be credit card free, and the idea to get a credit card to get a loan below 10,000, is ridicoulus, the banks or i should say, citigroup would love that plan, we did call, and we qualified for a card, with a 28 percent interest, compounded daily, weekly and monthly, with all the other fee's, we would have to pay back, this is a bad move, and we turned it down, the truth that no one on this site is saying, is,to get financial help, you have to be in debt, if you are not in debt and have a good credit score, you are dead in the water, and we got schooled in a hurry, again, thanks for the tip and advice, and we mean no disrespect, we are done with all this, we are closing our business in a few months, once again thanks for the tips and advice,
                  • Re: funding nightmare
                    DomainDiva Ranger
                    If I can still get zero percent on an introductory rate, so can you. If you really want to do this deal...you will get it done and stop putting qualifiers on it.

                    PEOPLE!!! Do not cancel your credit cards...you will need the payment history and good standing to be able to get good rates!!!
                • Re: funding nightmare
                  bigred810 Newbie
                  Try hard money lenders.
                  • Re: funding nightmare
                    LUCKIEST Guide
                    funding nightmare, Welcome

                    Do you know about SCORE?? SCORE is FREE

                    SCORE "Counselors to America's Small Business" is a nonprofit
                    association dedicated to educating entrepreneurs and the formation,
                    growth and success of small business nationwide
                      • Re: funding nightmare
                        garden Newbie
                        yes we have tried score, sba, business development centers, just about everyone in the phone book, problem is, we use our paychecks to run the business, have for 8 years now,we do not qualify for a line of credit, even when i walk into my 2 banks, with a 65,000 contract, we lost 94,000 last year, due to no financial help, we do not show a profit for our business due to all capital we make goes back into the business to keep it going, so we have a continous balance of o,we dont qualify for anything, our personal jobs make us over qualified on one end and our business does not show a profit, so our banks turn us down, when we seek help, and they know our business inside and out, we see a lot of advertisement for small business help, but really it is all talk, unless you come to the table, with, major capital, and then everyone is your friend and want to help, if you dont know anyone or have a good backer, you are dead in the water, we have a very good chance, to sell our products on tv, and we still can not get financing, and all the advice in the world, will not help, talking is over for us, it is time for action and that is where we are stuck, thanks for your advice and time
                      • Re: funding nightmare
                        bigpayout Newbie
                        So you are in business and have not made a profit? The way this country is now especially banks, you will have a hard time getting a loan. What type of business do you own? Now, you been running your business for 8 years...you have to show some profit. Do your company process credit cards, if so what is your volume a month?

                        Thanks,
                        Raymont
                        704-779-8885
                        rjones107@bellsouth.net
                        • Re: funding nightmare
                          netnextday Newbie

                          Do you work with other business....invoicing on terms or are your customers mainly consumers?
                          • Re: funding nightmare
                            fundme Wayfarer

                            Have you had any luck so far? i would like to help out we are local right here in Rockwall, TX

                            Brain Faulkner

                             

                            469-402-1125

                             

                            www.motherfund.com

                             

                            bfaulkner@motherfund.com
                            • Re: funding nightmare
                              funds2924 Wayfarer

                              We may be able to assist you through our bank statement program or line of credit program. You can email me at funds@innovativereturns.com