Despite the threats of tight credit, and concerns about the effect of the failure of the ‘bailout’ on “Main Street,” not everyone is worried. I spoke with two people this day who received startup loans. One got a loan for a professional practice with 10 percent down and no co-signer. The second got an SBA loan (I thought the SBA money wasn’t available); the second person is a woman, if that makes any difference.
On the other hand, a friend who works for a massive national bank stated they’re pulling in lines of credit (cutting them off, in other words) for two types of borrowers (1) those who haven’t used their credit lines in a while, and (2) those whose credit ratings are below par (I don’t know what that means, but it doesn’t sound good).
For everyone who has bad news, someone else has good news. I have a friend who is out right now buying up income property. Donald Trump, look out!
Tags: baby boomers, bailout, credit crunch, investors, real estate investing
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