Looking to borrow $50K personal/business loan

We would like to borrow $50,000 for 72-84 months. My wife is self-employed and has been in business with the same employer for over 7 years. The rate and terms we are offered will determine our decision on this loan as specified below(monthly payment).

We need to consolidate all our debt(including taxes), buy a new vehicle for the business, put about $8000 or so in a SEP retirement account(which can be used for collateral) to avoid Federal and state taxes for next year as we expand, and some capital for our planned business expansion in our janitorial service company. We can use the new vehicle as partial collateral on the loan too.

Together we have approximately $3200-$5000/mo income with my social security. She made $32,000 gross and $22,207 net for 2014. Our credit scores are bad and are around 550 from the loss of business in the recession. Scores are the only reason we cannot get lower rate guaranteed bank financing.We are still operating after 7 years while many others with great credit as we had too, did not make it.

We can comfortably pay up to $800/mo on the loan with no problem. This monthly payment can be made even in our slow season($3200/mo). I was once in the financing business and can lay out the consolidation and loan plan and show the budget improvement with the loan. We can document a good loan to us by any legitimate and honest lender with some insight.

I am 61 and she is 52. We are both well educated and knowledgeable in our industry. Our goal is to have only two payments per month ....the house and this loan!

We prefer a direct lender. However, we do not mind paying a brokerage fee to brokers, but will not pay it up-front. We would pay it immediately upon receipt of the loan or customize the fee arrangement. If you heavily weigh your loans based on credit scores then please do not contact us.

NOTE: Proof of physical identity will be required by both borrower and lender before releasing confidential information for the loan. 

If you have a physical business address and phone number that we can verify that makes it simpler. We are legitimate borrowers and we only want legitimate lender replies.

Thank you for looking at our request ,

Terry 

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Comment by Pat Lynn on April 8, 2015 at 1:20pm

please keep me posted  of any progress on your search? I have a colleague in a similar position seeking to do the same thing

Comment by Legacy Commercial Capital on April 4, 2015 at 9:06pm

Contact us on Monday Terry (305) 628-9787 We may be able to assist. Thanks

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