I might need to borrow $40,000. Any DUers with deep pockets

[theophilus]

that would help change a family's lives for the good? We have a "once in a lifetime" business opportunity to get into a small business of our own. My wife and I would be owners/operators of a really neat local tourist attraction. I have been out of work for two years and this would be everything we could hope. We have twenty five thousand of our own to put in but will need about forty more. I'm just curious if any DUers are on the lookout for a good cause. We are going to ask all the banks but we are not "well off". We do have property and own our own home. We owe for a small car and a small credit card debt but are otherwise free and clear. As I say, this would be last resort and I'm just curious. Thanks. I'd appreciate any advice, too, on where the best place to get this kind of loan would be.......

[Beetwasher]

1. I You Own A Home You Can Get A Loan

It shouldn't be too hard if your credit is good. 40k is a relatively minor loan and should be fairly easy to get if you have good credit and a decent business plan.

[theophilus]

2. That's encouraging. The first bank we talked too has just been less than

enthusiastic. I guess that is to be expected but I didn't realize it would be this way after seeing all the "refi" commercials and everything.

[Beetwasher]

3. Keep Trying, Try Places Online Too

Like ING Direct, they do mortgages and refinancing w/ pretty good rates.

Try the bank where you got your home mortgage too or where you have your 25k.

[riderinthestorm]

4. You need a good business plan. It shows the bank you are serious

about the project, that you know what you need to do to make it work, and that it can be profitable enough to cover the loan. Even a DU investor is going to require this.

Secondly, if you really want this tourist attraction, and you really think you can make it work, put your home on the line and get the loan yourself with the bank. Having another partner (even a DU partner) is very, very difficult at the best of times. You would basically not know your partner in this situation and since this partner would "own" the greater share, you are almost guaranteed a negative experience. It's just the way it is. Start-ups are notoriously stressful without having to figure out a new business relationship on top of that.

[theophilus]

9. I see your point about a partner and understand. n/t

[Karenca]

5. What about a home equity loan? nt

[Karenca]

7. Never mind---I

see you already tried that.

[pitohui]

6. you should borrow aga. your own property

any lender is going to be un-enthusiastic if you don't believe it in enough to put your own home or other property on the line

even the sba is going to wonder why this is to be considered a great opportunity if you don't believe it in enough to use your own property as collateral

[theophilus]

8. Thanks for the input and thanks to all.

Our home cost $47,500 back in 1999. I feel like it is worth that much or more today but not a lot more. We don't have what the average person has in the way of home worth. I hope a bank will back this because we would be taking over a going business which has steadily shown a profit for many years. It wouldn't be starting anything new. It just seems that you have to have so much that you don't really need the loan to get one. I hope we are corrected in this impression real soon.

Once again, thanks for the advice.