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    5 Replies Latest reply on Jul 25, 2008 12:06 PM by Cheri34667

    Looking for a LOC

    Cheri34667 Newbie
      I purchased all equipment with cash and found out after the fact I have many building repairs to complete. All quotes previously by Contractors have been higher due to the Department of Health and Permitting Department. I do have retirement funds that are not available due to my age. Looking for some creative financing. Please advise. I need approx. $30,000.00 to complete.
        • Re: Looking for a LOC
          LUCKIEST Guide
          Looking for a LOC, Welcome.

          Tell us more. The last thing you want to do is use retirement funds. (glad you have them)

          Who are you?? Where are you?? How long do you need the funds for??

          Do you know about SCORE?? SCORE is FREE

          LUCKIEST
            • Re: Looking for a LOC
              Cheri34667 Newbie
              Hi and thankyou for the questions. Shows this may or may not be an advantage. I am the owner of the business, in Hudson Florida and only need the loan for a maximun of 5 years. I am willing to entertain 3 years if necessary.
                • Re: Looking for a LOC
                  LUCKIEST Guide
                  Looking for a LOC, Hi (do you have a name??)

                  What kind of business?? How long have you been the owner?? Lease??

                  Do you have an Accountant?? Prior year tax returns??

                  Have you prepared a Cash Flow Statement??

                  Thanks
                    • Re: Looking for a LOC
                      Cheri34667 Newbie
                      Yes my name is Cheri, yes I have an accountant. I just took out a 3 year lease on a building w/1.5 acres on a main intersection of US 19 in Hudson Florida. The business has not opened. My projected opening date is on or before November 2008. The building has been vacant and needs extensive repairs that were not anticipated. As I previously stated I used all my liquid assets to purchase all the equipment and furnishings. It is in my contract with the owner that on my notice to vacate he will return half of my building improvements and the remainder on my vacating up to the amount of $45,000.00. My projected amount needed to complete is $21,000.00. The business is a Beer and Wine Tavern with an outside Beer Garden and Tiki Bar.
                  • Re: Looking for a LOC
                    Cheri34667 Newbie
                    Just remembered, I do not know my current credit score. I have been a BOA in good standing. I did close out all my BOA credit cards with no balance in order to gain credit. As you well know available credit used or unused applies to your available credit. It will take 3 months to make this additional credit to be available for a Credit Line with BOA. I believe my credit SCORE is around 750