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Does Diego’s bank have enough information to approve his loan?

After losing his job at large construction company in 1997, Diego has owned two different home repair businesses. The first one closed in 2001 when he and his family moved from Sacramento up to Seattle to live with his wife’s ailing father, so she can take care of him. Diego opened another home repair business there and ran it up until 2018 when he sold it. 

Now he wants to get a loan to renovate a small apartment building that his father-in-law purchased many years ago. He owns it outright and transferred the deed to Diego, who will fix it up and then rent out the units to provide an ongoing income stream for his family. 

At first glance, it looks like he may not get the loan since his two previous businesses closed and a line of credit was charged off. However, Diego has repaid that debt. Because his bank can see that he has paid off that outstanding line of credit and he and his wife own the apartment building, the bank is willing to extend credit to Diego so that he can renovate all the units and start collecting rent.

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