Need a Personal Loan using my land as collateral

Guest 0.10 Dollars($)

Hi,

I need a personal loan for $20,000 to 30,000. I own land and would like to use it as collateral since my credit score is so low (630).

I know that there are subprime lenders in this fourm, so any advise or help would be appreciated.

Thanks!

larry · Joined: 27 Jun 2007 Posts: 3307 470.31 Dollars($)

Hi,

If any lender is interested in your situation, he will surely get back to you or you can also try to contact them.

Hope someone will surely help you out.

Best of luck,
Larry

Guest 0.10 Dollars($)

Thanks Larry. I hope so too.

jameswells · Posted: Sun Dec 09, 2007 11:38 pm Post subject:

If you use "Real Property" (land or a house w/land) then you are asking for a mortgage, not a personal loan. 630 isn't that bad, but if there is no house on the property and it's not your primary residence, getting an approval will likely become tougher, lower LTVs, higher rates, etc. Your low loan amount will also be a turn off to many mortgage brokers, you will likely be better off contacting a local bank, credit union, or finance company.

Guest 0.10 Dollars($)

I have a construction to permanent loan. I am still in the midst of the construction phase, but am hoping to be done by the middle of January. At which time, it will turn into a mortgage.

I own the land (have the title). The house is about 80% complete. I just need extra money. Should I take out a personal loan or a second mortgage? If a second mortgage is viable, how would I go about getting one?

Thanks!

marshak

0.10 Dollars($)

I'm not sure a second mortgage would be viable if you already have a construction loan lein against the property, but there may be someone out there that can help. A personal (unsecured) loan for 20-30k would also be difficult. If you have other security, such as a vehicle, other property, etc. it would become easier to obtain the loan. Sorry I couldn't be of more help.

Guest 0.10 Dollars($)

I have property with my family in North Carolina, the land is undeveloped. My credit is terrible. We had a buyer for some of the land 39 acres, but the transaction has not completed yet, don't know when it will be sold. I'm in desperate need for money, I need to buy a car, and consolidate my bills. I need approx $25,000.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Rosanna,

There are lenders who offer loans using undeveloped lands as collateral. You may have to shop for a while for lenders to get a reasonable rate as your credit is bad.

What is your credit score at present?

Jason1 · Posted: Tue Jan 01, 2008 11:07 pm Post subject:

Hi marshak, what's the land's value? If it's less than 50% you should be able to find a private lender, also known as hard money lender. Depending on where you are located this may be a viable option. The fees are usually pretty steep and the rates usually range from 9% to 13%. You may also want to check in with a small local bank that retains their loans. The fees and rates should be a bit less (although I wouldn't plan on much less).

Good luck in your search,

Guest 0.10 Dollars($)

If you need money to complete the home then you will want to get another construction loan. If the house will be complete but need money for some other things, then I would suggest a first mortgage refinance. Interest rates are very good right now so you will probably get better than what you have now.

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.58 Dollars($)

If you need money to complete the home then you will want to get another construction loan. If the house will be complete but need money for some other things, then I would suggest a first mortgage refinance. Interest rates are very good right now so you will probably get better than what you have now.

Guest 0.10 Dollars($)

I need a personal loan, my credit score around 630. I have 35 acres of farmland that I could use as collateral. Is this possible?

larry · Joined: 27 Jun 2007 Posts: 3307 470.31 Dollars($)

Hi Linda,

Welcome to the forum,

I think no collateral is needed for a personal loan. Personal loans are unsecured loans. You can try to take a loan against your farm land but all lenders don't always agree for that. So you may have to shop a bit for that.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest 0.10 Dollars($)

If I have a deed to property that is in Belize, Central America, and I have a rich friend who is willing to make a loan to me using the property as collateral. What forms do I use to assure my friend that he can take over title to the property in Belize if I fail to pay him back? I am asking for the name of the forms and where do I find them? Thanks, Peter P.S. I am living in the U.S. and my friend is in the U.S. but the land is in Belize, Central America.

Guest 0.10 Dollars($)

I currently own a modular home on its own property in a nice 55+ deed restricted community in Florida. I need a loan to pay off small debts and upgrade the home. My credit is really low because I got behind in my credit card payments. Where could I possibly go for help using my home and land as collateral. Thank you.

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