Loomio
Thu 24 Jan 2019 3:16AM

Loan Requirements

T Tom Public Seen by 6

I've collated all the needs to be satisfied to get a business loan to refinance the property.

DC

Dean Cameron Thu 24 Jan 2019 11:02PM

Ok having read this we are back to square 1 with refinancing. correct me if I'm wrong but from what you said last night Tom, the debenture loans of about 350k you said were offered by Next Legal when you started are off the table. We need to approach a bank or credit union for a conventional business loan. If we do it through your finance broker there will be a finders fee of about 10k to you and they will simply pass on our information to a bank or credit union who will make the laon determination. Given that you and Nicole have decided to leave and not participate in the community aspect of the ELF project, and given also that you have been substantially disengaged from the project now your focus is taken up almost exclusively with Next Legal work, it seems like it may not be a good idea for you to be a director of LBPL - even if your credit score is good. We need directors who can focus on and give the time and attention needed in the best interests of the members, make promises and representations that are substantiated, realistic and grounded in reality, be consistent and stable, share opportunities that could benefit the members openly and with full disclosure. Tom you are a natural salesman opportunist which can be great if the opportunities are real and deliverable. Selling the sizzle is great if it comes with a sausage!
I appreciate that you have put this summary of loan requirements together but honestly, it tells us nothing we didn't already know and puts us back to exactly where we were when Luciano approached the credit union 6 months or so ago to sound them out. At least your document lets us know that the debenture finance has gone from being virtually a sure thing if we put up 8% of the loan amount, to now being not on the table at all. The sizzle didn't come with a sausage in this case. Tom your integrity is a precious thing. You should be very careful not to oversell any opportunity. People are always happy if you undersell and over deliver. Like I is said when you identified this financing opportunity, we still need to proceed as if we are going to seek a loan from First Mac or Bank Australia. Better to do as I suggested when you first identified the opportunity ie find out the terms of the deal then bring it to the group. Many business people and especially lawyers talk big and then when it comes to the detail you decide their proposition isn't worth pursuing.

JD

Jennifer Dehner Tue 7 Nov 2023 11:17AM

That's fantastic that you've taken the time to compile all the necessary requirements for obtaining a business loan to refinance your property. It's a crucial step to ensure a smooth application process and increase your chances of securing the financing you need.

While you're considering your options, it might be beneficial to explore additional financial resources. Apply for 200$ at Paydaysay which provides a range of financial solutions. Diversifying your financial avenues can offer flexibility and help you find the best solution that aligns with your unique needs.

Remember that when it comes to financial decisions, having multiple options can be a strategic approach. Best of luck with your business loan application and your financial endeavors!