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    3 Replies Latest reply on Apr 20, 2008 3:38 PM by FinanceHelp4U

    Obtaining a Loan

    gnc1304 Newbie
      I wrote a message before and i got a lot of good and positive feedback, i went out to plenty of banks trying to get a loan for an existing business, and they turned me down because i dont have any assets for a fraction of the amount that i am asking (700K), i need help and tips in how to get a loan of that amount. Please help.

      Thank You.
        • Re: Obtaining a Loan
          LUCKIEST Guide
          You posted this question TWICE. You went out to plenty of banks trying to get a loan for an existing business,
          and they turned you down. WHY??
          When a bank turns you down they should give you a reason, Also the trick is not to go to"plenty of banks".
          Be selective. Bank computers talk to other bank computers and they do NOT like PLENTY.
          LUCKIEST
          • Re: Obtaining a Loan
            MoltenJavaDev Newbie
            My suggestion would be to go to a commercial loan broker that can obtain "Hard Money" loans or have stated income/asset loan program, depending on you business, you will have to have either equity or a down payment of 10 to 30%. In some cases you can even have private investors fund your DP. Check with the broker for available options. This will also help eliminate the MANY banks issue. A good broker will know if you are an ideal canidate before they even submit your application :)
            • Re: Obtaining a Loan
              FinanceHelp4U Wayfarer
              +Please feel free to contact me - I am a Financial Consultant. My contact information is below. Thank you,+</stro<br />Carol, Financial Consultant*
              FinanceHelp4U
              hardwork70@newwavecomm.net
              (877) 382-8159 Toll Free