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Tanning Queen · 6th August 2008, 10:03 PM

I DONT suggest using your home equity at all!!!!

Keep as much of your salon debt off of your personal report or you will start to kill your score.

If you are a corporation of any kind, there are plenty of ways to get funding with only a personal guarantee to the biz loan. If it is repaid according to the terms, it never shows up on your pesonal credit. If the salon doesnt pay, then they will request payment from the guarantor. If they pay it, then it still doesnt show up on the personal credit. If it is defaulted on, then it will.

I have lenders that will fund all kinds of amounts. There is one for $250k line of credit, no payments for 2 years, then a fixed 8% from then on. 750+ FICO score is needed. It can be also funded for lesser scores but with application fees.

THat is just an example of what you can do if you use your business to fund the salon. If you start using your personal credit like a house, it will drop your score and you will find it harder and harder to get funding.

6th August 2008, 10:03 PM	#8 (permalink)
Tanning Queen Moderator Join Date: Nov 2004 Location: Six degrees left of nowhere Posts: 5,019	Re: Need Additional Capital I DONT suggest using your home equity at all!!!! Keep as much of your salon debt off of your personal report or you will start to kill your score. If you are a corporation of any kind, there are plenty of ways to get funding with only a personal guarantee to the biz loan. If it is repaid according to the terms, it never shows up on your pesonal credit. If the salon doesnt pay, then they will request payment from the guarantor. If they pay it, then it still doesnt show up on the personal credit. If it is defaulted on, then it will. I have lenders that will fund all kinds of amounts. There is one for $250k line of credit, no payments for 2 years, then a fixed 8% from then on. 750+ FICO score is needed. It can be also funded for lesser scores but with application fees. THat is just an example of what you can do if you use your business to fund the salon. If you start using your personal credit like a house, it will drop your score and you will find it harder and harder to get funding. __________________