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Finance Brokers

Squizzy246B

Squizzy246B

Administrator
Joined
Sep 9, 2005
Messages
3,388
Location
Perth, Western Australia
Occupation
Digger Driver
I'm looking to buy out my partner...to some extent and have been wondering about some finance. My cousin has had some good dealings with a particular finance consultant but to say I don't trust these guys is putting it mildly. I think they are all on commissions/kickbacks and will tell you just about anything to do a deal.

Has anybody had any dealings with brokers good or bad?. Any lessons learnt?
 
Squizzy246B

Squizzy246B

Administrator
Joined
Sep 9, 2005
Messages
3,388
Location
Perth, Western Australia
Occupation
Digger Driver
jmac said:
What kind of rates and terms. Fixed only and now more than 2% over prime.
John
Click to expand...

Thats what I am looking into. One broker came out and had a look at our situation and basically said we were nuts if we didn't use the equity in our house. But I'm one for keeping business and family separate. Our rates are proportionally higher than yours John.
 
J

jmac

Senior Member
Joined
Feb 4, 2006
Messages
740
Location
Central NY
Do everything you can to not use your house. Use house equity only in emergancy, problems like sickness, school for kids etc. If god forbid something happens to ya you would hate to lose the home. I have my company LLC to try and protect my personal stuff, in no hury to find out! :Banghead
 
Squizzy246B

Squizzy246B

Administrator
Joined
Sep 9, 2005
Messages
3,388
Location
Perth, Western Australia
Occupation
Digger Driver
jmac said:
Do everything you can to not use your house. Use house equity only in emergancy, problems like sickness, school for kids etc. If god forbid something happens to ya you would hate to lose the home. I have my company LLC to try and protect my personal stuff, in no hury to find out! :Banghead
Click to expand...

My thoughts exactly, If you knew accident, disability, death, income protection insurance would actually pay up then I might think about it but its too risky as far as I'm concerned. I believe what the broker was saying is that I can borrow against my house at around 7% but a business or personal loan is going to run at like 9%.
 
F

Finance Guy

Well-Known Member
Joined
Feb 21, 2006
Messages
48
Location
Seattle
Occupation
Financing
Never use your house to finance equipment. If your business suffers some set backs you don't want your house to be taken. Find a good broker to help you. Keep in mind there are bad apples in every profession. I would be more than happy to answer any questions you have.

FG
 
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