Under LOI. Need SBA loan. 700 FICO but Chapter 7 filed in 2020.

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by a searcher from Indiana University, Bloomington/Indianapolis - Kelley School of Business
in Schenectady, NY, USA

1yr ago

Under LOI. Need SBA loan. 700 FICO but Chapter 7 filed in 2020.

I just put a business under LOI and everything looks great except that I have a Chapter 7 BK filed in 2020 and discharged in Feb 2021.

Any lenders or brokers that can help? Any other advice?

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reply by an intermediary 1yr ago
from Rensselaer Polytechnic Institute in Norwood, MA, USA

Hi Bryan - thank you for sharing this question. I'm working with a buyer with similar (not identical) situation.

Ishan - thanks for sharing your schedule link. Depending on what my buyer finds out this week, I may be reaching out to you for assistance.

reply by a lender 1yr ago
from University of Missouri in Denver, CO, USA

As others have mentioned it depends on what happened with the BK. With a good explanation, is is likely you would be able to get financing after 4-5 years. Reach out if you'd like to discuss further.