Home>Levelset Community>Legal Help>How do I get a small business loan to cover my private mortgage investor of $10 million during this coronavirus. Where I

How do I get a small business loan to cover my private mortgage investor of $10 million during this coronavirus. Where I

CaliforniaCoronavirus

I have a general contracting corporation. We have specialized in rebuilding the fire homes. With our profit we have bought several lots for spec homes. I now have a $10 million loan to a private lender where the interest is very high. I need to consolidate all my loans into a lower payment and deferred interest. I don’t want to lose my company like I did in 2008. I’ve worked very hard to get back up and running. Please help me

1 reply

Mar 23, 2020

Right now, you can apply for a disaster loan through the SBA, which is located at: https://disasterloan.sba.gov/ela/. Depending on the location of your business, your city or county may also be providing disaster loans Also, I recommend speaking to your banker about a line of credit so that you can float your private money loan for the time being. Community banks, such as Five Star in Sacramento, are generally well funded right now and have the resources to issue loans. Further, I recommend you speak to your private money lender about negotiating your terms. Right now, private money lenders may be more willing to negotiate terms, so they can get the money back through payments, rather than through foreclosing on properties. Best of luck!

0 people found this helpful

Helpful