Home Financial responsibility Tom Schwartz reveals his home equity loan for a new bar was turned down

Tom Schwartz reveals his home equity loan for a new bar was turned down

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In this season of Vanderpump Rules, Tom Schwartz and Tom Sandoval have each revealed plans to take out home equity loans to fund their latest venture, a new bar called Schwartz and Sandy’s. However, during the October 26 episode of the show, Schwartz explained that he hit an unexpected bump in the road.

“I found out that my home equity loan had been turned down,” 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 house,” he said. “But we’re still stuck at a pretty high interest rate, so we have to refinance first, start all over again, and I just wanna cry.”

Sandoval was happy to help, telling Lisa, “I certainly have enough to cover his end too… he can pay me back in six months or so,” but Schwartz didn’t seem really keen on accepting his partner’s loan. . “He’s going to keep this on me,” Schwartz joked. “He’s going to be on a power trip.”

Although Schwartz reiterated that he was “joking” about the comment, Sandoval was considering what covering Schwartz’s share might mean to him. “That would technically make me a 67% owner, with a controlling stake,” he said in an interview. “I got us covered. We’re in business, baby.”

On the September 28 episode of the show, Ariana Madix opened up about Sandoval using their home as collateral. “All of this financial responsibility lies with him and him alone, and my financial responsibilities remain intact,” she said in an interview, adding to Lisa, “We settled this together.”

Lisa, however, didn’t feel so 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 over half the house… It’s like, ‘Ariana, you stay in bed. only want half of Tom. ‘ It does not work like that.”

Want more Vanderpump Rules? New episodes air every Tuesday at 9 / 8c or catch up on Bravo app.

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