The attorney, her husband, and her parents bought a derelict house on contract from a private party. The husband remodeled the old place into nice office suites, and the parents put up the remodeling money.
When it came time to pay off the private party contract and refund the remodeling dollars to the parents, several banks declined a refinance request because the attorney’s practice was relatively new and business tax returns would not support a bankable loan.
Enter Carter. He provided a $350,000 refinance through an institutional private-money lender. The attorney, her husband and parents, all signed the new loan documents, and the lender made the loan because the property value was sufficient, all parties’ credit was excellent, and the parents had a net worth close to $500,000.
Banks ain’t the only option. There is so much business funding available that too few small business owners know about. That’s a shame. How many wonderful business opportunities are missed because of a lack knowledge about all the wonderful options available?