Any new loans?

[Gordyg]

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]

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]

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]

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.