Can I take out a loan on my business property to be used for a purpose unrelated to that business (specifically, I want to use the money to make a separate investment)

I appreciate any guidance. Thank You!!!!!

I'm assuming you're talking about a loan on the building you're in. If that's the case there's nothing legally prohibiting it. It's simply a refi in your building. You may not even need a purpose other than cashout.

If you note on your books that the loan is for investment purposes and track it accordingly, the interest that your business pays on the loan is tax deductible... Check with your accountant on how to structure it.

T


Tina Brooks, VP Marketing
Brooks Pepperfire Foods, Inc.
Makers of Peppermaster Hot Sauces
http://www.peppermaster.com

Eat more peppers!