2 Homeowners - 1 line of Credit

[CJMZ]

What is the name of your state? Connecticut

My husband and his friend would like to purchase an existing business ($80,000 cash $20,000 operating expenses/cash flow). After some discussions with a bank loan officer - it was decided the best way to do this was to get a home equity line of credit (because the amount was under 100,000). According to the bank rep, any other loan would be lengthy in process.
The rep did indicated that after 6 months of owning a business, they could apply for what they call a business loan - express, which does not take much time.
Both applied for the intial home equity and were approved for $50,000 each.
The problem is our friend bought the house with another friend about 7 years ago(50/50). It is a rental property. They live in one apartment and rent out the other two.
In order to receive the money - he believes he needs the signature of his friend the co-owner. Does anyone know this to be the case?
The friend will probably not sign unless he has part of this new business which my husband and his friend do not want.
Any ideas or suggestions would be helpful.

 

[HomeGuru]

What is the name of your state? Connecticut

My husband and his friend would like to purchase an existing business ($80,000 cash $20,000 operating expenses/cash flow). After some discussions with a bank loan officer - it was decided the best way to do this was to get a home equity line of credit (because the amount was under 100,000). According to the bank rep, any other loan would be lengthy in process.
The rep did indicated that after 6 months of owning a business, they could apply for what they call a business loan - express, which does not take much time.
Both applied for the intial home equity and were approved for $50,000 each.
The problem is our friend bought the house with another friend about 7 years ago(50/50). It is a rental property. They live in one apartment and rent out the other two.
In order to receive the money - he believes he needs the signature of his friend the co-owner. Does anyone know this to be the case?

**A: yes, the bank is correct and it is their policy that all titleholders must sign the loan documents.
********


The friend will probably not sign unless he has part of this new business which my husband and his friend do not want.
Any ideas or suggestions would be helpful.

**A: then have they thought of what other deal the partner can make to his co-owner of the property? Cash talks.