I have 250,000 to put down on a 500,000 piece of property
and i have an excellent fica score and own a successful business
2006-08-22 11:28:50 · 2 answers · asked by sanclem2005 1 in Business & Finance ➔ Renting & Real Estate
Yes, you'd have to use somehting else as collateral, like your business, to get the loan...and possibly a higher interest rate.
2006-08-22 11:45:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
you can take out a loan against your business value, or you could take out the equity on some other property if you own it.
Either way its going to be a loan with something as collateral, and in most cases real estate is the only thing that has that much value. So it ends up being an equity mortgage... in most cases. Although a loan against the value of your business would be different... and harder to get.
2006-08-22 11:32:09 · answer #2 · answered by amosunknown 7 · 0⤊ 0⤋