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teran_realtor9476
Joined: 19 Nov 2003
Posts: 3
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 Posted: Tue Mar 21, 2006 1:04 pm Post subject: If my business has equity in it Can I take cash out if I ref |
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| Is it the same as home equity or are the other specifcations? Can I use the money for personal use or would I have to put it into the business? Can I use that money to put a down payment on another business?Thank You |
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mybusiness2
Joined: 26 Oct 2005
Posts: 6
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| Posted: Sat Apr 01, 2006 10:12 pm Post subject: If my business has equity in it Can I take cash out if I ref |
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| if it is a sole propriertor, you can do whatever you wish |
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MeanMax61
Joined: 20 Apr 2005
Posts: 5
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| Posted: Thu Apr 13, 2006 7:19 am Post subject: If my business has equity in it Can I take cash out if I ref |
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| going to keep this short but yes you can but if you don't have enough money to cover the business that may fail then they are both going under trust me been there |
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Nefertiti
Joined: 06 Apr 2004
Posts: 7
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| Posted: Mon Apr 24, 2006 4:26 pm Post subject: If my business has equity in it Can I take cash out if I ref |
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| Your lender might have something to say about you borrowing their money to take it out of the business. Although you show that you have equity, it doesn't translate into cash.Most lenders would want to lend you money based on the purchasing of a fixed asset for the business or to cover operating shortfalls such as the timing between a sale and the collection of the account receivable. They would not like to lend you money for you to take out of the business. They also want to make sure you have equity (or skin in the game) at a sufficient level that you haven't over leveraged your business. If you take the cash out, it is the same as reducing your equity. No lender would like to see that happen. |
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