My dad works on wallstreet, it fourty a touch, and has been told he can take up loans of up to 5 million dollars for a business loan.
I am out of college, was a administrator at a tiny business, and want to buy an existing tiny businesses.
I have no capital. There is no way I can get any funding.
My Dad says he will cosign a loan. Does this mean I can take out 300k at a reasonable rate from the bank?
Possibly. The credit of both signers are reviewed and considered. A co-signer may get you approved for a higher dollar amount, but usually the interest rate is determined by the lesser credit history.
business loans are different than home loans and car loans. No one has figured out how to package business loans as bond to be sold to gullible foreigners.
This is where you need a relationship with a local bank. And they will charge more interest. They will also want to see the financials of your business, the income statements and cash flow.
If the bank has money to loan, your business plot looks excellent, and your father has 500,000 in assets, you may get the loan.
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yes! all a cosigner does is pay the monthly debt if you don’t pay!! they agree to pay if you don’t!! if you don’t pay they will then question your father to pay and send the bill to him!!