Putting up collateral for a business loan?

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I would like to obtain a small business loan, but think that’s impossible these days without putting up some collateral. I own a house but still pay a monthly mortgage in other words I do not own it free and clear yet. My question is will the bank accept this as collateral since someone already has a right to the house in case I default on payments?

3 Comments
  1. Reply
    Judy
    May 16, 2011 at 5:05 am

    Depends on how much equity you have in the house.

  2. Reply
    Ghost of Zeuz
    May 16, 2011 at 5:35 am

    Banks want liquid assets for collateral.

  3. Reply
    Julio C
    May 16, 2011 at 6:12 am

    maybe you can get a home line of credit depending on the equity

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