Home › Forums › Financial Markets/Economics › expanding SBA loans a new trap by the banksters.
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ucodegen.
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July 12, 2009 at 7:26 PM #429332July 12, 2009 at 11:27 PM #429561
Shadowfax
ParticipantIf done right, an entity will generally protect your personal assets. But patb’s experience is typical: most banks see through the aims of the entity and make the owners (partners, members, shareholders, etc) sign personal guarantees to make sure they get their money if things go south. Many banks won’t make the loans without personal guaratees and at least one of the people giving the guaranty must have some reachable, sizeable assets.
July 12, 2009 at 11:27 PM #428824Shadowfax
ParticipantIf done right, an entity will generally protect your personal assets. But patb’s experience is typical: most banks see through the aims of the entity and make the owners (partners, members, shareholders, etc) sign personal guarantees to make sure they get their money if things go south. Many banks won’t make the loans without personal guaratees and at least one of the people giving the guaranty must have some reachable, sizeable assets.
July 12, 2009 at 11:27 PM #429403Shadowfax
ParticipantIf done right, an entity will generally protect your personal assets. But patb’s experience is typical: most banks see through the aims of the entity and make the owners (partners, members, shareholders, etc) sign personal guarantees to make sure they get their money if things go south. Many banks won’t make the loans without personal guaratees and at least one of the people giving the guaranty must have some reachable, sizeable assets.
July 12, 2009 at 11:27 PM #429333Shadowfax
ParticipantIf done right, an entity will generally protect your personal assets. But patb’s experience is typical: most banks see through the aims of the entity and make the owners (partners, members, shareholders, etc) sign personal guarantees to make sure they get their money if things go south. Many banks won’t make the loans without personal guaratees and at least one of the people giving the guaranty must have some reachable, sizeable assets.
July 12, 2009 at 11:27 PM #429045Shadowfax
ParticipantIf done right, an entity will generally protect your personal assets. But patb’s experience is typical: most banks see through the aims of the entity and make the owners (partners, members, shareholders, etc) sign personal guarantees to make sure they get their money if things go south. Many banks won’t make the loans without personal guaratees and at least one of the people giving the guaranty must have some reachable, sizeable assets.
July 13, 2009 at 4:48 PM #429286ucodegen
ParticipantBut patb’s experience is typical: most banks see through the aims of the entity and make the owners (partners, members, shareholders, etc) sign personal guarantees to make sure they get their money if things go south.
I wouldn’t say ‘see through’.. I would say that banks try to circumvent the protection allowed by a corporate entity by trying to get the company principals to pledge assets/guarantees against the loan (ie. act as co-signers). Depending upon size of entity, net asset value of corp and historical earnings, you can tell them to pound sand when they do this and threaten to walk. Banks want to get their fingers on as many assets as possible should things go bad and try to charge as much interest on any loan that the can. They also have to lend money to make money.. They don’t lend, they don’t make money.
July 13, 2009 at 4:48 PM #429068ucodegen
ParticipantBut patb’s experience is typical: most banks see through the aims of the entity and make the owners (partners, members, shareholders, etc) sign personal guarantees to make sure they get their money if things go south.
I wouldn’t say ‘see through’.. I would say that banks try to circumvent the protection allowed by a corporate entity by trying to get the company principals to pledge assets/guarantees against the loan (ie. act as co-signers). Depending upon size of entity, net asset value of corp and historical earnings, you can tell them to pound sand when they do this and threaten to walk. Banks want to get their fingers on as many assets as possible should things go bad and try to charge as much interest on any loan that the can. They also have to lend money to make money.. They don’t lend, they don’t make money.
July 13, 2009 at 4:48 PM #429573ucodegen
ParticipantBut patb’s experience is typical: most banks see through the aims of the entity and make the owners (partners, members, shareholders, etc) sign personal guarantees to make sure they get their money if things go south.
I wouldn’t say ‘see through’.. I would say that banks try to circumvent the protection allowed by a corporate entity by trying to get the company principals to pledge assets/guarantees against the loan (ie. act as co-signers). Depending upon size of entity, net asset value of corp and historical earnings, you can tell them to pound sand when they do this and threaten to walk. Banks want to get their fingers on as many assets as possible should things go bad and try to charge as much interest on any loan that the can. They also have to lend money to make money.. They don’t lend, they don’t make money.
July 13, 2009 at 4:48 PM #429642ucodegen
ParticipantBut patb’s experience is typical: most banks see through the aims of the entity and make the owners (partners, members, shareholders, etc) sign personal guarantees to make sure they get their money if things go south.
I wouldn’t say ‘see through’.. I would say that banks try to circumvent the protection allowed by a corporate entity by trying to get the company principals to pledge assets/guarantees against the loan (ie. act as co-signers). Depending upon size of entity, net asset value of corp and historical earnings, you can tell them to pound sand when they do this and threaten to walk. Banks want to get their fingers on as many assets as possible should things go bad and try to charge as much interest on any loan that the can. They also have to lend money to make money.. They don’t lend, they don’t make money.
July 13, 2009 at 4:48 PM #429805ucodegen
ParticipantBut patb’s experience is typical: most banks see through the aims of the entity and make the owners (partners, members, shareholders, etc) sign personal guarantees to make sure they get their money if things go south.
I wouldn’t say ‘see through’.. I would say that banks try to circumvent the protection allowed by a corporate entity by trying to get the company principals to pledge assets/guarantees against the loan (ie. act as co-signers). Depending upon size of entity, net asset value of corp and historical earnings, you can tell them to pound sand when they do this and threaten to walk. Banks want to get their fingers on as many assets as possible should things go bad and try to charge as much interest on any loan that the can. They also have to lend money to make money.. They don’t lend, they don’t make money.
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