Small Business Gets Funding Using Home Equity
Lisa, our borrower, had launched a successful bakery business a few years ago, but had a health issue and had to close the business down for over a year. With her health improving she wanted to reopen, and wanted to use a home equity line of credit to move forward. However, the bank said no because of the break in her income caused by her health crisis.
RMC was able to fund a $300,000 business loan secured by her residence. This gave her the funding and the breathing room to get the business back on track. Once her income is stable she will get a conventional home equity line to pay back the private money loan.