Is it worth my time to apply for a loan when I have no collateral now after divorce?

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Is it worth my time to apply for a loan when I have no collateral now after divorce?

I am looking at a convienence/bait store and have very little collateral now after a divorce but a good credit score. The loan is for almost 400k, am I dreaming my life can return?

2007-04-30 03:57:13 · 2 answers · asked by ganbrightar1 2 in Business & Finance ➔ Credit

2 answers

A lender is going to want to see evidence that cash flow from the store will support repayment of the debt. Despite urban myths to the contrary, the lender really doesn't want to get your collateral, he wants you to pay cash.

2007-04-30 05:50:13 · answer #1 · answered by Thomas O 2 · 0⤊ 0⤋

No!

2007-04-30 11:06:47 · answer #2 · answered by Sami V 7 · 0⤊ 0⤋