jointly owned land as collateral for SBA loan
My two brother in laws own 1/9th (each) of land I would like to use as collateral in a business loan. Do I simply need to get their ''approval'' to use the land as collateral for the loan?
The land is fully paid for and there are no leins against it. My husband and I own the other 7/9ths.
Re: jointly owned land as collateral for SBA loan
Disclaimer: The materials provided below are informational and should not be relied upon as legal advice.
The bank will likely require all persons on title to sign the promissory note and the deed of trust. You should immediately consult your own attorney to protect your legal rights.
