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      05-21-2012, 04:40 PM   #23
sheaz
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As a CPA at a large firm....get everthing in writing so that you don't get surprised in the future. I would say, let the car go if it makes the deal work. You could also consider additional equity dollars to bridge the gap? Good luck!
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      05-21-2012, 06:23 PM   #24
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I would sell the car if I couldn't get good terms on a loan. it's hard enough for startups to survive without burdening them with a big drag on cash flow
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      05-22-2012, 06:10 AM   #25
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I am a real estate lawyer and I do not understand how you got yourself in this mess. Are you trying to do this without professionals? Signed a five year lease without written financing?

Many Banks will lend to small businesses, and you could pledge the condo as additional collateral. You say you have excellent credit, so get a 30k low interest loan on teh car from capital one, or go and join a local credit union.

If I can help, e-mail me at mjposner <a> warddamon.com
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      05-22-2012, 08:42 AM   #26
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Quote:
Originally Posted by Scotch M3 View Post
In that case I wish you all the best and I truly will pray that your business sky rockets and you can get an M5 for your lovely wife.

I suggest go for ED (European Delivery) and enjoy a nice ride on AutoBahn and take your wife to Italy via Austria.

Good luck with everything. remember business will get you 10 more M5 so take your decision with sound mind.
Thank you very much for the positive message! ED would be super nice! I hope that we can make it thru this so that we can enjoy a trip like that soon!
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      05-22-2012, 08:43 AM   #27
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Quote:
Originally Posted by mjposner View Post
I am a real estate lawyer and I do not understand how you got yourself in this mess. Are you trying to do this without professionals? Signed a five year lease without written financing?

Many Banks will lend to small businesses, and you could pledge the condo as additional collateral. You say you have excellent credit, so get a 30k low interest loan on teh car from capital one, or go and join a local credit union.

If I can help, e-mail me at mjposner <a> warddamon.com
I am going to my local credit union to see what they can do for me, hopefully with title in hand on my car they are able to help out, thanks for the suggestion! I will keep your email handy as well
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      05-22-2012, 08:48 AM   #28
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      05-22-2012, 10:23 AM   #29
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is a bank loan for the business out of the question?
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      05-22-2012, 10:33 AM   #30
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Quote:
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is a bank loan for the business out of the question?
"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." Mark Twain
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      05-22-2012, 10:41 AM   #31
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sell the car and save the business, youll be thankful down the line
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