Poor credit scores are usually an indicator of mismanaged finances and a lack of financial responsibility. This is a risk factor. While I appreciate the open and honest disclosure of this information on this thread (which speaks in your favor) the risk of lending on the strength of private equity assets outweighs the positive aspects of your loan proposal.
A bad credit rating is also a warning sign of past repayment issues which of course will affect how lenders feel about entrusting you with a loan. Because of this risk factor, they will want valid and solid collateral.
This is not to judge you unfairly. I know nothing about the cause of your bad credit score so it would be wrong of me to assume or presume anything about your integrity. Im just commenting here based on a general sense of how bad credit affects a lenders impression about borrowers, particularly if large amounts are being discussed.
Hi warningsigns,
Thank you for your comment and I appreciate your input. I've commented above regarding my credit score and the reason behind it being so low.
Understand about the valid and solid collateral, The meaning behind me putting up the Spray booth as its currently my biggest asset along side the other spray booth I would be purchasing with the Loan without them I wouldn't be able to work or earn a living if they were sold due to me not paying back the loan. I wouldn't be able to support my family or pay any bills which isn't an option I know these are just words to other people but I just wouldn't risk losing everything.