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Question regarding financing

I have been thinking of selling my house to finance purchasing a business. I have approximately 80 000 in equity in it. Would it be better to keep the house and use the equity as a collateral in a line of credit or some other means of financing rather than having the cash on hand and no property ownership

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Answers (5)
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Sep 15, 2017
Mrs. Elizabeth White
Washington County, FL

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Aug 18, 2017
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Biz2Credit LLC
New York County, NY

Peter,

Biz2Credit does a large no. of business financing deals. We would advise you to keep the house and use it as a collateral for the loan as it is easier for banks to do a SBA backed deal if there is a real estate asset involved.

Aug 27, 2010
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Corporate Financiers
President

You need to get a pre-approval of sorts from a lender prior to doing anything. I assume this would be an SBA loan and lenders want tangible collateral, which could include a 2nd on your house. What type of business are you considering?

Aug 27, 2010
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The BAF Group LLC
MD

How have you measured your equity? Many homes have lost value in the past several years, which is one of the reasons why the vast majority of banks are not offering lines of credit or home equity loans. Moreover, $80,000, less possible taxes (if any), less brokerage fees and such - it won't leave you much for putting a down payment on a business. How much cash do you have? How much money do you need to finance this deal? How certain are you about the business, that you would give up your home? What are you going to do for living quarters?

This better be one hell of a business, if you ask me. I would not do what you are suggesting.

Aug 26, 2010