Im am trying to get a loan to purchase a pre-existing business but have a credit score of 550. Any ideas?
The business is a family owned business for 73 years and i am looking to purchase from my mother. its on the market now so time is of the essence. I have a poor credit rating of 550 due to a divorce that i went thru i.e. foreclosure and repo’d car two years ago. The business is going for 350,000 and i should be able to come up with a sizeable down payment maybe to offset my credit. somewhere in the vicinity of 45,000. The business makes money so I would have no problem making the loan payments as I also have other additional income coming in. Looking for solutions to overcoming this obstacle whether it be co-signing, private lenders, raising my score, SBA loans, grants…anyone else go through this?
My initial thought is a government grant and secondly to source a provider. There are many providers vying for business at the moment so you will need to look around for the best deal. My profile under debt has more information and resources.
Waiting to see what happens! Are you kidding?
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