All Topics / The Treasure Chest / Finance Again – That old old problem

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  • Profile photo of golfergolfer
    Member
    @golfer
    Join Date: 2002
    Post Count: 27
    February 15, 2003 - 8:02 am

    I have done many wraps in Queensland and NSW in my own name but are now looking at doing them in a Company name. As the Company is only newly formed I am having difficuly in persuading anyone to lend me funds. 80% is manageable and someone suggested a Lodoc loan. Macquarie Bank seem to be the only Bank that will do a lodoc loan in a Company name but they are insisting that i have traded for a minimum of 2 years. Does anyone now a source of funds or a broker who can help on this one.

    Cheers guys

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763
    February 16, 2003 - 3:39 am

    Hi,

    I had a similar probelm when I began.

    We set up a new company to separate our accounting buisness from our investing activities.

    It wasn’t easy, but the way around the problem was for us to go personal guarantees for the loan, thus lending our credit history to that of the new company.

    Regards,

    Steve McKnight

    **********
    Remember that success comes from doing things differently.
    **********

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

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