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I know this topic has been discussed a lot, but we are having a debate here and would like some extra input.
Commercial loan request to a business to purchase commercial property. Business is owned 50/50 by mother and son.
We receive a PFS with the “intent to apply jointly” section completed by mother, son and father. Loan would be set up as the business as borrower and mother, son and father as guarantors. (We did not request or require the father).
Is it acceptable to have the father as guarantor? Some say yes, because he offered his guaranty upfront voluntarily. Others say no, because individuals cannot “apply” as a guarantor unless owner/officer, etc.
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