Son of the Official Chat Thread Part II (Charlotte, Matthews: schedule, rain)

[Future Trooper]

How is everyone this evening?

[anifani821]

Originally Posted by mullman

Hmm. I'm eating through my reserves and cannot do it that much longer.

Maybe I'll just quit and start something else...

I guess Obama will have to pay my employees mortgages and healthcare.

I still have my land.

The odd thing is, as a last resort, an old friend with nearly double my prop value in cash (spread around the same bank) offered to co-sign my loan (using HIS cash and my land as collateral) still denied. Commercial lending is in the toilet. In 25+ years, I have NEVER seen anything like this.

Where is the bailout?!

I know my own personal experience and sure have heard from friends that they are having problems w/ lines of credit for their businesses. So I don't know. Your experience just adds on to what I am hearing as far as loans and lines of credit being nearly impossible to get right now. Surely things will turn around in the coming weeks??? How can businesses stay in business - and how can start ups get moving forward - if no one will help us out by lending us some $$$???

[mullman]

Originally Posted by anifani821

How can businesses stay in business - and how can start ups get moving forward - if no one will help us out by lending us some $$$???

I have no idea, and not sure anyone else does either.


BUT as of today my immediate family is all healthy and happy.
THAT is really all that matters to me.

[anifani821]

Originally Posted by mullman

I have no idea, and not sure anyone else does either.


BUT as of today my immediate family is all healthy and happy.
THAT is really all that matters to me.

Totally hear that! Hubby is at airport in the "cell phone parking lot" right now - waiting to pick up our son who is flying f/ Chicago to stay a few days. This weekend we have a big family reunion (that Swiss line of mine!) so we are all looking forward to that. So yes, I know what you mean.

I am trying to focus on the things that are going right and the things that matter, too. Still, it would be nice to get some financial assistance for that start up I am planning! I have to believe timing is everything and it looks like right now isn't gonna be the time. Things will get better soon and hopefully, it will be back to business as usual for all of us.

[mullman]

Originally Posted by anifani821

Things will get better soon and hopefully, it will be back to business as usual for all of us.

Have fun with you son this weekend Ani!

Nothing is more precious than our children.

[chicagocubs]

Originally Posted by mullman

Hmm. I'm eating through my reserves and cannot do it that much longer.

Maybe I'll just quit and start something else...

I guess Obama will have to pay my employees mortgages and healthcare.

I still have my land.

The odd thing is, as a last resort, an old friend with nearly double my prop value in cash (spread around the same bank) offered to co-sign my loan (using HIS cash and my land as collateral) still denied. Commercial lending is in the toilet. In 25+ years, I have NEVER seen anything like this.

Where is the bailout?!

It may also have to do with the type of business that you are in. If you are in a "high risk" business, that will shut down lending...the businesses that are considered "risky" are the ones that are taking a hard hit now, like construction or real estate.

Tax values are also considered to be null & void right now. Market values are running about (roughly) 25-30% LOWER than the tax values. Now, the building that you are wanting to finance is owned free & clear you said. Is there a plot of land included in that amount? Land (alone) is pretty much useless right now from a lending point of view as it is one of the most risky loans out there. (people will walk away from a plot of land before they will walk away from a home or business).

Now, commercial lending is not my area, but, I do know that there is small business lending that is available on primary residences. Of course, you have to provide your financials...and that might be another issue. IF your income is declining, they have to use that income (and they usually use the amount on line 31 of your Schedule C...so, if that is a negative amt because of what you have written off, you essentially have a negative income from the lender's point of view)

These are just some ideas that might help you understand the lending process. We are not shut down, we are just A LOT more cautious. Risk is the word of the day and we look very closely at every loan to mitigate that risk.

[chicagocubs]

Thanks everyone for the great thoughts & prayers. The interview went well, (so DS says) and they are going to make a decision by the end of next week.

[mullman]

CC-

I appreciate the insight.




Good Morning, all!

[chicagocubs]

mornin' all...

[smclarke4]

The rain has started here in Matthews. At least I don't have to water my veggies this morning.