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    7 Replies Latest reply on Feb 24, 2010 8:02 AM by omegag

    Investing my money or pay off Debt?

    omegag Newbie
      All,

      I am looking to borrow about $500,000 to start small business. My lender requires 25% commitment, which amounts to $125,000 down payment plus closing cost. I have some savings that could reach the down payment and closing cost but I am thinking of paying off my debts first. I am confused because if I pay off my debt first I won't have enough for the down payment, which may cause denial of the loan. And, if I don't pay down my debt, lender may not approve my loan based on high debt ration reason. My credit is excellent 750+

      What should I do?

      Your suggestion is appreciated.

       

      Omegag