am I able to take out another loan for 200,000 for a business i want to buy ? My credit is impecable, only thing is my wife doesnt work at the moment as she just got her greencard but she will be working at the business if we buy it . I dont know if that makes any difference. Where and are we able to get a loan for this from ?
2006-08-29 06:46:52 · 7 answers · asked by Anonymous in Business & Finance ➔ Small Business
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2006-08-29 13:26:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Most banks/credit unions will approve a commercial loan with a residential property as collateral. You'll need to make sure you have $200,000 in equity in your home and make sure you meet the loan-to-value requirements for this type of loan. Typically financial institutions don't want LTVs over 75-80%. So, if your home is worth $1,000,000 the maximum you could borrow with a 80% LTV would be $800,000 and you already have a $700,000 mortgage, so that will leave you with $100,000 to borrow. Your excellent credit will definitely help, but won't be the only criteria the financial institution looks at.
2006-08-29 07:15:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you have that much equity, (200,000), in the home and /or the value has increased to reflect that amount, over and above the balance of the mortgage, I think a
"Home Equity Loan" is available from your lender. It is worth pursuing.
2006-08-29 06:56:38 · answer #3 · answered by ed 7 · 0⤊ 0⤋
Call a credit union (or other financial institution) to see if you can get a loan. Credit unions usually have better rates and terms and are more willing to work with you on your particular needs for your loans. I would suggest going through them if possible. They've always worked great for me!
You usually have to qualify for membership by living in a certain zip code. So, you just have to find one in your area that can help you!
2006-08-29 06:50:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If your considering a loan against the house it all depends on the equity in the house. if the home is worth $1,000,000 and your outstanding mortgage is $700,000. you have $300,000 in equity which should be sufficient to qualify you for a $200,000 loan.
2006-08-29 06:55:42 · answer #5 · answered by radar 3 · 0⤊ 0⤋
Hi,
You havn't mentioned the current value of your house and the LTV of your mortgage.
Anyway, most lenders want to know your ability to repay rather than to drag you to court. If you can prove your creditworthyness with a good track record of your previous payments, any lender will be happy to extend you the sum you seek.
Besides, you can also project your wife as a potential paymaster in your additional loan.
Best of luck !
JRJ
2006-08-29 06:59:57 · answer #6 · answered by JRJ 1 · 0⤊ 0⤋
It will depend on what equity you have, examples would be home equity, outside investments, and whether of not the lender would be able to collateralize any of the assets inside the business you are trying to buy
2006-08-29 06:56:36 · answer #7 · answered by AWR 2 · 0⤊ 0⤋