Buying an existing diner in our small town
Hi, Jeff. I have a complicated situation in which my fiancee wants to buy our small town diner. He had a bankruptcy 5 years ago but his credit score is about 680. We’ve been together for 16 years and I want to help to make this purchase. I have an excellent credit score and make a six figure salary. I don’t want the debt in my name alone because our personal assets are in my name. Since we aren’t married how can we do this together without risking our home? We live in Ohio if it matters. Any suggestions you could make would be great. Thank you in advance, Teresa Reichek
Thanks for your question. Based on the situation you’ve described, your fiance may be able to qualify for a business loan on his own. For some potential providers, you may want to check out our list of the best fast business loans here: https://fitsmallbusiness.com/fast-business-loans/ OnDeck’s term loan sounds like it may be a good fit
However, based on the situation you’ve described, it’s worth noting that you could probably apply for a traditional bank loan or other credit financing facility as joint applicants. This would require you to co-sign on the loan and would involve a hard credit check for you as well as your fiance. Our understanding is that Ohio has a homestead exemption for owner-occupied single-family homes, so even if you defaulted on your business loan it’s unlikely that you would lose your home. Before moving forward, you may want to confirm this with a local attorney.
Hope this helps. Best of luck!