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Mere (deep question) details on loan+property value+taxes?
All transactions in same bank.
A business with bank value of $2million. Sold in $230,000 (xyz reason),New owner paid his loan of $230k which he borrowed. Will the same bank give him loan of $ 1million to re-establish the same business and instead of cosigner, he keeps his own business as guarantor? Serious answers only if wanna be helpful.
1 Answer
- SlumlordLv 71 year ago
Not quite following this but it sounds like there is a business that is worth 2 million on paper but was sold for 230k. The owner has paid off the 230k and now wants a loan on the business for 1 million but doesn't want to cosign it themselves but use the businesses assets as the only collateral.
Assuming I got all that right you are just going to have to ask the bank what they can do. The obvious first problem is that the business sold for 230k for whatever reason (how long ago was the sale) so its going to be really hard to justify a true market value of over more than 1 million (or even more than 230k) regardless of the valuation on paper.
If the business has proven income, for many years, that justifies the valuation then they may go for it or if they have excellent easy to get at assets (like cash in the bank) but if they don't have either of these then you aren't likely to get a loan for even close to 1 million based on the assets of the company.
Anyhow, no hard just going into the bank and asking them what they can do.
