Who:
1. Borrower wants to refinance his business debt
2. Borrower went through a divorce to a trial
3. Borrower and Ex-Spouse were ordered to split the credit card debt and were responsible for paying off their portion of the debt
4. Borrower’s Ex-Spouse did not pay off the court ordered debt
5. This debt is found on the Borrower’s Credit Report as a charge off
What:
1. Borrower cannot obtain an SBA Loan until this credit issue is
dealt with.
2. Bills to be paid off total $25,000
Where: Milwaukee, WI
When: As soon as this issue is resolved, the loan can close
How:
1. Borrower went through all his options including friends,
relatives, reviewing personal and business assets
2. Borrower could not find the means to pay off the subject debt
Decision: Not Eligible for SBA Loan
Why: 1. Recent charge off which could go to judgment.
2. FICO Score was not the issue
Eligibility Cure:
1. The Lender of choice was apprised of the situation and cured
the issue by including the $25,000 as working capital
2. The Borrower was allowed to use the working capital to pay off
the charged off debt at the closing.
Call or email Joel Soforenko and go over your Loan.
617-336-3215 x 5 or joel@continental.finance