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?
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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.
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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.