View Full Version : Needing capital funding - Already aproved by bank and SBA

07-01-2005, 09:32 AM
:!: I am trying to open a 10 bed tanning salon in Iowa and as of last week I have gotten my final approval letter from the SBA with the understanding that I was injecting $60,000.00 of my own funds. My mother passed away four years ago and left the house to my sister and I with the stipulation that my stepfather lives there until he passes away. I approached him in January with my business plans and he agreed to let me buy out my portion of the house for the $60.000.00. Well I find out this week that with his credit and debt load he can't get an equity loan so now the funds I had for my injection are no longer there. Can anyone give me some advise on what to do. I can't believe I am so close to my dream and it is going to slip away. HELP!!!!! Please!!!!!!

07-01-2005, 11:15 AM
Is your name also on the Deed for this property and is your credit ok? If so then you can refinance the house and take the cash out yourself. If not get a deed transfer to have your put on ...easy process. and then proceed to re-finance. If you have any questions call us and we'll send you in the right direction.

12-26-2020, 01:31 PM
The funding is really nice. They are sure that they will get this and it will make them happy. - Phillip Elden (http://aboutphillipelden.com/)

12-30-2020, 10:51 AM
thanks for sharing with us