Are Predatory Loans the second Credit Crisis?

Are Predatory Loans the second Credit Crisis?

The growing number of institutions that offer quick cash to small businesses are still largely unregulated unlike mortgage and payday lenders. Chicago may be the first wanting to alter that.

L. A. Restaurateur Jorge Rodriguez Assereto does not require much rest. He gets about five hours per night therefore the remainder of their time is specialized in running Los Balcones, an effective Peruvian restaurant he launched in Hollywood in 2004 and recently shepherded through an expansion. The remodel had been a major investment. Assereto spent significantly more than $130,000 over couple of years simply leasing the space that is vacant to him while he attempted to find funding for their expansion. He also switched banking institutions so that they can get that loan. It did work that is n’t.

He hired a local design firm to turn the interior into a hip and rustic open space when he finally got the money. He included alcohol into the bar, employed two experienced bartenders and delivered them to Peru to create a cocktail menu that is new. Continue reading “Are Predatory Loans the second Credit Crisis?”