Accepting two business loans??

[MJG]

Hello

I have a question about a situation that may arise in the future.

I have applied for a business loan from a couple institutions so as not to put all my eggs into one basket

What happens if if two of them agree to loan me the funds. One requires security in the form of a property and the other doesn't require security.
Would I be able to accept both loans?

 

[ToxicBunny]

Hello

I have a question about a situation that may arise in the future.

I have applied for a business loan from a couple institutions so as not to put all my eggs into one basket

What happens if if two of them agree to loan me the funds. One requires security in the form of a property and the other doesn't require security.
Would I be able to accept both loans?

If they both offer them to you, and you haven't lied about your affordability and you/the business can afford both loans... then yes.

 

[MJG]

If they both offer them to you, and you haven't lied about your affordability and you/the business can afford both loans... then yes.

Do they need to be made aware of the other offer?

 

[hellfire]

Hello

I have a question about a situation that may arise in the future.

I have applied for a business loan from a couple institutions so as not to put all my eggs into one basket

What happens if if two of them agree to loan me the funds. One requires security in the form of a property and the other doesn't require security.
Would I be able to accept both loans?

Do you need both loans (for your business's needs)?

 

[ToxicBunny]

Do they need to be made aware of the other offer?

Yes... if accepting either of them changes the affordability matrix.

 

[MJG]

Do you need both loans (for your business's needs)?

Both are not essential. Loan is to be used for expansion. Both would just allow me to expand at a greater rate.

 

[SauRoNZA]

Do they need to be made aware of the other offer?

Yes, otherwise you are lying about your affordability.

 

[ShaunyCT]

Some financial institutes can see all your credit applications within moments you have done it