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afashionablelife
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Hi,

I think in the current market you have almost no chance at all of getting an unsecured loan.
Most lenders will not lend against a business either if you are not purchasing the premises.
The banks will want some sort of security, and I think they will be looking at your friends home as a guarantee.
I think you should talk to a finance broker to get some sort of idea as to where you stand and what is possible.
You can talk to the broker that I use if you like (and no, I dont get a commission!! ha ha) he is in QLD and understands business finance very well.
Can get his details at http://www.directcredit.com.au the guy you want to speak to is Derek Green.
Hope this helps!

Cheers,