I think we would all agree Covid has affected some businesses harder than others. David Harwood is a bar and grill owner in San Antonio, TX who knows first-hand how Covid can really flip your business and life upside down. He had to endure a shutdown and then spent all this money to reopen to just go through another shutdown shortly after. He has then had to operate under capacity restrictions for months while still maintaining his building and staff. One could understand why he would have cash-flow issues and could use some money in order to have a little cushion.
David had a rental home in San Antonio also that was free-and-clear, so he called me at ICA to see if he could take some cash out of the property. We were able to secure him 70% cash-out of the rental which was about $116,000. We were able to do this without any proof of income or any tax returns. Even though he is still stressed because his bar is not at full capacity yet, at least he can have some peace of mind that he probably won’t run out of cash again. Trust me, that’s the biggest fear of any business owner.