How hard is it to get a large bank loan if you never have before, but have calateral to put up to cover it all?
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CaRbOnPrOdUcT n-aIrY tHaNg
ANSWERS: 4
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I don't know for sure, but I would think it depends on your credt rating. If you are good to decent, you won't have any problems, as the banks are literally begging for new loans. If your credit is questionable to bad, you could probably still do it if your colateral is good enough and if you have a good co-signer. It also depends on how large of a loan you are asking for.
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you'll never know for sure until you try. good luck!
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You will pretty certainly be able to get the loan, but you will probably pay a higher interest rate than someone with established credit. Why would you want to start paying interest on money when you own the property clear and free?
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Everything I am seeing (been self employed for 21 years) says banks are very stingy right now about lending. The whold 700 Billion Dollar TARP bailout was intended to get the banks back to lending. Unfortunately, the first 300 Billion was doled out without strings, and the big banks just used it to gobble up smaller banks. If it's a business loan, you would need an ironclad business plan and beaucoup business experience (rpoven track history) to get a loan today. You would be way better off to self finance if you are able to do so.
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