questions about financing startup

[vedo]

Whats going on guys,

I hope you can help me out with this. Myself and my wife and my buddy and his wife want to open a restaurant. The problem is the financing for the place. We figured we only need about 47K, its gonna be a small sub shop. our business plan and cash flow was solid, the loan officer even said that. Well the bank wants too much collateral in my opinion. So here's what we offered:

2 cars which they valued at 15k
the equipment which costs us 29k but after they depreciated it they valued it at 7k, which I think is absurd.
10k CD which they can put a lien on
Plus 2 of the 4 people will keep their jobs. So that mean still steady income.

The bank wants the following.
The 2 cars
equipment
30k CD.

I think what we are offering is more than enough. What do you guys think?

[Mega B]

I dont think you really have much choice really,i would think you could either shop around and try and find a better deal or take the deal that is on the table at the moment.

[businesgoonline]

i suggest you try for other source of financing if the requirement from the bank is out of your capability. Try www.businessgoonline.com for financing related info.

[BusinessAdviser]

Yeah, it doesn't really matter what anyone here thinks. We're not the ones putting nearly $50,000 on the line in the riskiest industry during an economic slump. I don't blame the bank one bit.