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Is Hard Money The Answer When You Have Declared Bankruptcy?

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Chris Motola

Chris Motola

Finance Writer at Merchant Maverick
Chris Motola is a writer, programmer, game designer, and product of NY. These days he's mostly writing about financial products, but in a past life he wrote about health care and business. He's a graduate of the University of Central Florida.
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4 Comments

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    George Daniels

    I had a guaranteed sba loan in May 2005 in the amount of $2 million . I defaulted in 2012 and filed a chapter 11 bankruptcy to restructure my loan where the SBA loss $500,000 then I
    successfully restructured the loan for another 15 years .
    It has been 8 years since filing the chapter 11 and have paid on time ever since. When or can i apply for a new sba loan ?? Thanks Jody

      Jessica Dinsmore

      Hi there!

      If you’re trying to get funds for coronavirus-related financing needs, you could try applying now. As we understand it, lenders are making a lot of exceptions to their normal rules during this difficult time. Best of luck to you!

        Michael Lee

        At work, we are thinking about getting a hard money loan for some office renovations. It is good to know that the loan is secured by real estate. I would have to make sure that it is a short term loan so that I can pay it off quickly.

          This comment refers to an earlier version of this post and may be outdated.

          Michael Lee

          It is great advice to know that private money real estate lenders are an option after someone has declared bankruptcy. I have been thinking about using it as a short term option to fix up my house. My goal is to sell the house and downsize to something I can better afford.

            This comment refers to an earlier version of this post and may be outdated.

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