The Case for Collateral
Craig Holman is betting the farm on his new business -- literally. After getting laid off from a high-level job in the steel industry, the 58-year-old engineer put up his share of the family farm as collateral for a loan to open an emergency home cleanup service in Columbus, Ohio. "Having the farm on the line has made me pretty focused," says Holman, who launched the business early last year with his wife as a partner. The hardwood tree farm has been in Holman's life for years.
It's also the key to Holman successfully opening his AdvantaClean franchise. Small-business loan brokers say collateral is now king among risk-averse lenders. Loans to small companies have decreased by some $60 billion since the 2008 financial market crisis, according to the Small Business Administration. Much of that decline reflects the near extinction of unsecured loans, which were fairly common among small-business borrowers before the recession.
Holman's $85,000 loan -- along with part of a severance package from his former job -- enabled him to pay a one-time franchise fee to AdvantaClean, buy a truck and purchase equipment for water-damage recovery, mold removal, duct cleaning and dryer vent cleaning. He also hired one full-time and three part-time workers and an office assistant. Although his official launch was in January 2010, Holman says he "started getting jobs before we even opened the doors." He now gets three to four calls a day from homeowners with flooded or moldy basements. About a third of the calls translate into paid work. While prices vary, a typical mold-removal job can bring in $3,000, he says.
Banks now divide small-business borrowers like Holman into two groups: those with collateral and those without it. Collateral is any tangible asset -- typically a home, factory or property, or even equipment, machinery and inventory -- that can be put up as security for repaying a debt. In the event of a default, lenders can seize these assets to recoup the funds through sales or auctions. According to BoeFly.com, an online marketplace that matches lenders and borrowers, most of the lending institutions on its site now favor asset-heavy borrowers, such as restaurants, retailers, hotels and manufacturers.
cash personal loans collateral - News
A Massachusetts company that received a $39 million loan from the Department of Energy before declaring bankruptcy won interim approval Wednesday from a Delaware judge to use cash collateral for the loan to help pay operating expenses during its
An earlier survey of some 1000 small-business owners by Barlow Research found about 20% had pledged their homes as collateral for a business loan and 18% borrowed against their homes for a personal loan they used for business financing.
The second thing they're looking at is, what kind of personal finances do you have? They're looking at other sources of repayment and they're usually looking for a minimum of three cash flow sources, one of which is from the business.
But bear in mind that an unsecured personal loan is just that - unsecured. This means there's no collateral requirement. But since the loans are considered high risk by lenders, there are often strict repayment requirements.
The credit-related OTTI charge of $101 million for the third quarter of 2011 reflected the impact of additional projected losses on loan collateral underlying certain of the Bank's PLRMBS. Each quarter, the Bank updates its OTTI analysis to reflect
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