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 “Kevin” claimed the gym had been on the market for $125,000 and he had a deal in place but it fell through. He said the former prospective buyer kept dragging his feet and seemed like a shady character. The former buyer was a shady character? “Kevin” made Fabin from Oliver look like saint. Talk about picking pockets! “Kevin” commented that because we were his patients that he would sell it to us for such a “great price.”

As we were discussing the possibility of buying the business, “Kevin’s” phone rang. It was his wife. After having a minute of personal conversation, he began to tell her about our interest in the fitness facility. He told her how he offered it to us at the “great price.” It seemed his wife had offered the facility at the same “great price” to the current manager at the gym. The manager had apparently not come back with an answer yet. She was having her accountant look into it. Despite of the offer made to someone else, he presented us with a Letter of Intent and said, “Whoever gets back to me first with paperwork and the deposit will get it.”

That statement was kind of odd. A business deal should not be a race. How did he not know his wife offered the facility to someone? Was there a lack of communication between them? He handed us the Letter of Intent and asked that we touch base with him soon. We stood up, thanked him, and left. It wasn’t until we got in the car that we looked at the Letter of Intent which stated that he wanted a $10,000.00 deposit within two business days, the buyer to pay his transfer fee of $3,000 to the corporation, and to pay the attorney fees the landlord would incur to either transfer the lease over to us, or make a lease that assigned “Kevin” as the individual to sublet. We both started questioning where we would get $99,000. We had nothing at that point except $14,000.00 in a savings account to go toward a down payment on a house. We didn’t own property. I just found out I lost my job and was being transferred to another department again. In our minds, if we took out a loan for a so called profitable business, we could treat it like a mortgage payment. It would give us practice. We would make extra payments on the principle from the profits of the business to get it paid off faster. But the business had to stay and be profitable or this wasn’t going to work.

Every bank I called inquired if we owned a home or if anyone could co-sign for us. We didn’t own a home. The two cars we had were paid off but weren’t worth anything. Both of us had over 100,000 miles on our vehicles. Each bank I spoke with acknowledged our high FICO scores but stated that without collateral, there wasn’t anything they could do. It seemed everyone was concerned about the almighty dollar or what you had to back a loan. No one asked about the income on the business. At that point, it seemed no one would qualify us for a loan. We should have taken that as another red flag but we didn’t. However, I was on a mission. With my department shutting down, I had to make something happen before transferring to the new department. I wanted out of Corporate America and all the political and cut throat bullshit that was associated with it. I started performing searches on the internet. I typed ‘How to receive a no collateral loan’ and ‘no collateral loans’ in the search area. I came upon a website for a company we will call “Cardinal Unsecured.”  I clicked on the link and started reading about the company and the services it offered. After showing my husband, he decided to call and see what they were about.



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