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Started By
Message
Lump sum cash...help me pick the right option
Posted on 1/13/15 at 11:04 am
Posted on 1/13/15 at 11:04 am
Long story short...I need about $45K in a couple of months as my share of a small business. I have opened a few of these in Texas and they've done well. I just don't have $45K laying around to use. I have a "day" job and make about $200K/year at the day job. i have no problem taking out a loan because I will pay back this $45K in 24-36 months easy. I can afford a few hundred/month towards a loan (interest only?).
Options for funds:
1) Personal loan - can I get interest only?
2) HELOC - not sure I can get what I need here. I just moved last year and home has an appraised value of $460K and I owe roughly $400K.
3) I have $9K sitting in a mutual fund that I could liquidate for some. I have another $41k in an old IRA/rolled over 401k. Not sure what would be left after penalty and taxes.
4) I have about $260K in current 401k.
Thoughts? I'm in EBR.
Options for funds:
1) Personal loan - can I get interest only?
2) HELOC - not sure I can get what I need here. I just moved last year and home has an appraised value of $460K and I owe roughly $400K.
3) I have $9K sitting in a mutual fund that I could liquidate for some. I have another $41k in an old IRA/rolled over 401k. Not sure what would be left after penalty and taxes.
4) I have about $260K in current 401k.
Thoughts? I'm in EBR.
2
Posted on 1/13/15 at 11:08 am to Ex-Popcorn
quote:
I need about $45K
quote:
I have opened a few of these in Texas and they've done well
quote:
I have a "day" job and make about $200K/year at the day job
quote:
I will pay back this $45K in 24-36 months easy.
quote:
I have about $260K in current 401k.
quote:
Thoughts?
Why in the hell did you come here? Seems like you are doing great!
Posted on 1/13/15 at 11:14 am to OnTheBrink
quote:
1) Personal loan - can I get interest only?
If you have good credit and a low debt/income ratio, but why would you want interest only? and I doubt you could get interest only
quote:
2) HELOC - not sure I can get what I need here. I just moved last year and home has an appraised value of $460K and I owe roughly $400K.
doubtful, you do not seem to have enough equity
quote:
3) I have $9K sitting in a mutual fund that I could liquidate for some. I have another $41k in an old IRA/rolled over 401k. Not sure what would be left after penalty and taxes.
Personal mutual fund...go for it, but don't touch the IRA, just not worth it
quote:
4) I have about $260K in current 401k.
you might see about getting a loan from this, but probably not your best choice
you might want to review your spending habits if you make 200K at your day job and are currently in this situation
Posted on 1/13/15 at 11:15 am to OnTheBrink
because I've never been in the position of not having the cash I need for business. So, I don't know which of the options is the "best" for me given my situation.
Posted on 1/13/15 at 11:16 am to Ex-Popcorn
quote:
you might want to review your spending habits if you make 200K at your day job and are currently in this situation
There are reasons...spending habits are not in play. Divorce is expensive.
Posted on 1/13/15 at 11:20 am to Ex-Popcorn
quote:
There are reasons...spending habits are not in play
quote:
I just moved last year and home has an appraised value of $460K
quote:
Divorce is expensive
because they are worth it
Posted on 1/13/15 at 12:06 pm to Ex-Popcorn
Doesn't Texas have a law that forbids going above 80% LTV with a HELOC? I seem to remember that.
What % is your share?
Our family has started two businesses - basically the same idea in two locations. For the first one, we used cash, credit cards, 401K loans, vendor financing - everything we could get our hands on. It was successful, so about a year later, we started working on the second location. We went to the bank we were using for checking and savings for the first location (both locations are in the same metro area). We showed them our books from the first location and our plan for the second. We got approved in about two weeks for 95 percent of what we needed. It was not an SBA loan, but that was an option also.
Go talk to a local bank (not one of big national ones). Go talk to their business banker. If you have a successful track record, they may be able to help you.
What % is your share?
Our family has started two businesses - basically the same idea in two locations. For the first one, we used cash, credit cards, 401K loans, vendor financing - everything we could get our hands on. It was successful, so about a year later, we started working on the second location. We went to the bank we were using for checking and savings for the first location (both locations are in the same metro area). We showed them our books from the first location and our plan for the second. We got approved in about two weeks for 95 percent of what we needed. It was not an SBA loan, but that was an option also.
Go talk to a local bank (not one of big national ones). Go talk to their business banker. If you have a successful track record, they may be able to help you.
Posted on 1/13/15 at 12:49 pm to Ex-Popcorn
I was trying to figure how you were in need of a loan like that with your income 5x and multiple businesses open.
quote:
divorce
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