Need A Loan to start a business

All due respect but, don't check out Lone Mountain.

You cannot afford the interest stack on multiple loans. Between the equity loan (at a bad rate), the truck loan (at a worse rate), and insurance you are making no profit; and are actually in the process of losing both assets. And that's without paying yourself.

If you have to learn this the hard way....keep your house, take a lease out with a mega, starve for three years, and go back home to the house you didn't give away to the bank.

 

Any body will loan you money if they can get a free house out of it.

 

This. OP won't be getting good rates from good lenders.

 

Don't do it, don't be one of these people calling Dave Ramsey about how deep in hock they are terrible idea.

 

Just for some interest numbers.

Reverse mortgage/HE loan.
Truck loan
Insurance
Factoring bank

Fuel and maintenance on top of that, then paying yourself.

What sort of rate would it take just to break even?

 

One post wonder Keever Transport came in and Rawle'd you guys up.

 

I think the last thing in the whole world you want to do is start a business, especially in trucking, in debt.

 

She's trolling; no one will use a home for collateral to buy a truck. That's just insane!

 

On top of all that- Im going to say, Directly, That her "Paid off home" was probably NOT due to hard work and Critical thinking...

I'm betting it was given to her....If your going to say 'AHH WELL, i want to put my home up' ...you didn't kill yourself to own that home.