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Tom Schwartz Reveals His Home Equity Loan Was Denied: "I Just Kinda Wanna Cry"
The Vanderpump Rules cast member opened up about the financial challenges he is facing while getting ready to open Schwartz and Sandy's.
On this season of Vanderpump Rules, Tom Schwartz and Tom Sandoval have each revealed plans to take out home equity loans to finance their latest venture, a new bar called Schwartz and Sandy's. However, on the show's October 26 episode, Schwartz opened up about hitting an unexpected bump in the road.
"I found out that my home equity loan got denied," he told Lisa Vanderpump. "But I still have a small business loan pending."
In an interview, Schwartz shared more details about his financial situation. "We have a lot of equity in our home," he said. "But we are still locked in at a pretty high interest rate, so we have to refinance first, start this whole thing over, and I just kinda wanna cry."
Sandoval was happy to help, telling Lisa, "I for sure have enough to cover his end too...he can pay me back like in six months or whatever," but Schwartz didn't exactly seem eager to accept the loan from his business partner. "He's gonna hold that over me," Schwartz joked. "He's gonna be on a power trip."
Although Schwartz reiterated that he was "kidding" about the comment, Sandoval was considering what covering Schwartz's share could mean for him. "That would technically make me a 67% owner, with controlling interest," he said in an interview. "I got us covered. We're in business, baby."
On the show's September 28 episode, Ariana Madix opened up about Sandoval using their house as collateral. "All of that financial responsibility is on him and him alone, and my financial responsibilities are remaining intact," she said in an interview, adding to Lisa, "We've worked this out together."
Lisa, however, wasn't feeling quite as confident in the couple's plan. As she explained in an interview, "If they default on their loan, then the bank never goes and takes half the house back...It's like, 'Ariana, you stay in bed. We only want Tom's half.' It doesn't work like that."
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