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Forum Newbie
Group: Forum Members
Last Login: 2/22/2008 11:00:33 AM
Posts: 1,
Visits: 1
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| My partner and I are trying to start our first franchise and have struggled with getting a loan. We both have great credit scores (700+) and have a 30% cash injection available. The loan amount needed is under 400k. Also, being located in Texas, we cannot use a home as collateral due to homestead laws. Banks have said they need more collateral or cosigners on the loan. The franchise is up and coming and should have a C grade. What is the deal though, why can't we get approved? We can't determine if this is due to our personal finances or the franchisor? Any advice would be greatly appreciated.
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Forum Newbie
Group: Forum Members
Last Login: 12/16/2008 9:28:25 AM
Posts: 9,
Visits: 70
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| Check with Reggie Heard at Bankers One Capital reginald.heard@gmail.com (203) 791-9998. He has terrific experience in SBA and conventional financing. Joe Caruso Chief Development Officer Kiddie Academy www.kiddieacademy.com 443.883.0244
Joseph E. Caruso 433 Timonium Ct. Havre de Grace, MD 21078 443.502.2636 H 502.396.9204 C
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Forum Newbie
Group: Forum Members
Last Login: 9/26/2008 2:24:58 PM
Posts: 8,
Visits: 15
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| SBA loans can be a nightmare. Your franchisor should have helped you with a business plan to present (critical with SBA) Otherwise, your debt ratio may be too high. Check out Rex Wisehart and his crew at www.thecapitalfactor.com They have some great avenues to acquire funds for new and expanding businesses. Their toll free number is 866-513-8664. Let me know if I can be of any assistance. Diana Hutcherson Franchise-Advisor, 877-264-7619
Diana Hutcherson
Franchise-Pro
303-751-2788
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Forum Newbie
Group: Forum Members
Last Login: 10/13/2008 11:01:34 AM
Posts: 1,
Visits: 2
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| Try talking with Bob Hernandez, at Commerical Franchise and Finance he knows franchise and SBA inside and out ad might be able to give you some insight. His email is rchloan4u@aol.com. Tara
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