Any new loans?

Gordyg

Farm Hand
Messages
69
I've got a close friend that is trying to buy a house turned into a restaurant. He can't seem to land the funding. He has great credit but the banks are saying they aren't giving loans for new business. Anyone else having issues?
 

Almost Eden

Golden Chicken
Messages
176
Maybe he should try a different avenue like a credit union, or perhaps he'd have some luck with the SBA. I'm keeping my fingers crossed for him. I hope this thread doesn't get spammed to death with "loan" offers and "voodoo/good luck" posts. It's an important discussion and the advice could help many others.
 

Mayfield

Farm Hand
Messages
57
That stinks for sure! I thought it was a sellers market right now. Our local credit union has been advertising low interest rate loans. Perhaps it is the type of property he is trying to buy.
 

Henderson

Golden Chicken
Messages
147
My son and daughter can't get a mortgage right now, despite having a healthy down payment ready. I guess it just depends on the market. I'm sorry that your friend is having trouble securing a loan, @Gordyg. Maybe that will change once our economy has recovered a bit.
 
 
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