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bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 3024
Experience:  IRS Enrolled Agent, 18+ years of experience in tax preparation with associated finance experience.
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What type of loan should I apply for? Me and my dad

Customer Question

what type of loan should I apply for?
Me and my dad partnered up as contractors. I have the license to practice contracting and he has the capital. We started out by building a new home and selling it for a profit. we both work together and and put our part in making sure everything gets done. Since we are fairly new in this type of business, we did not properly set an accurate budget because we both have allot going on with our jobs, but because the market is really good were just kinda winging it. Up until now my father is the one who has financed everything but unfortunately he is out of money and we do not have enough to finish the house. I feel really bad about not contributing money but I drained every bit of money I had on lawyers in a divorce i recently went through.
I really want to finish this house and sell it quickly and I feel that we need a loan to accomplish that. I just don't know how to approach it, I mean, we don't have a business plan, we don't have any financial reports and I don't even think we've been in business long enough for the bank to consider giving us a business loan. and to top it all off my dads credit history is truly crap. My credit history however isn't so bad and I know I have a better chance of getting approved if I applied on my own rather than to apply jointly with my father. what type of loan would be the best to get if I plan on repaying it in 5 years or less.
Submitted: 1 year ago.
Category: Finance
Expert:  bkb1956 replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you today.

A good solution would be to attempt to try to get a business line of credit from a bank or credit union. In this way, you would only make payments on the money you actually use. You might also want to consider an SBA loan.

https://www.sba.gov/content/sba-loans

https://www.ondeck.com/short-term-small-business-loan/

There are also private lending companies such as OnDeck, but their interest rates are higher than conventional lenders.

Please let me know if you require further information or clarification.

Thank you and best regards,

Barb

Expert:  bkb1956 replied 1 year ago.

Just following up with you to see if you have any other questions. If so, please come back to me here at your convenience, and I will be happy to assist you.

If not, please take a moment to rate my answer since that is the ONLY WAY I RECEIVE CREDIT FOR ANSWERING YOU AND ALERTS JUST ANSWER TO COMPENSATE ME FOR PART OF THE MONEY THAT YOU HAVE ALREADY PAID.

Best regards,

Barb

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