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What companies use land as collateral for loans

What companies use land as collateral for loans

Own land worth at least 75,000 that i would like to use as collateral for a consolidation/ personal loan. I have a low credit score and no cosigner with a score over 675. Could you recommend any prospective companies for me to contact?


Anonymous's picture
Anonymous (not verified)
17-09-2013

2 Answers
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With a low credit score, it will be quite difficult for you to get a land loan. Nevertheless, you should contact the local FHA lenders and check out if they can offer you a land loan.

jameshogg | Asked on 2013-09-17


1
But before you take out a FHA loan, have calculated your loan affordability? This is because rates of FHA loans have recently been revised and so, they've become costlier now.  Moreover, consolidating your debts with a secured loan such as this may put the property at risk of getting foreclosed, should you somehow default in repaying that. 

adamsarthur87 | Asked on 2013-09-18

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