collateral loan

Guest 0.10 Dollars($)

Hi,
I own approximately 3 acres of land free and clear and I would like to borrow against it in order to start a small business. My credit is not very good due to the loss of a lucrative job that was sent to India. I went back to college after losing the job and got a second batchelor's degree and teacher's license. Therefore, I now have student loans again (about $20,000) after paying back my original student loans. What do you think my chances are of borrowing about $25,000 against the land? The land would sell for about $30,000.

larry · Joined: 27 Jun 2007 Posts: 3137 442.20 Dollars($)

Hi Curlysu,

Welcome to the forum.

You nay be able to get the loan but need provide some more detail regarding this like - your credit score, DTI ratio, monthly income etc.

You can also contact some lenders and find what they have to say regarding this.
Please take a look at it.

Feel free to ask if you have any further questions.

Best of luck,
Larry

helping_user · Posted: Thu Feb 14, 2008 12:12 pm Post subject:

Hi Curlysu,

Business loans taken against and as the collateral may not be financed by those into residential lending. So, i suggest that you look out for lenders who specialize in such loans. But prior to that, get a know-how of business loans from a previous discussion on this topic.

Thanks

gmakerley · Posted: Thu Feb 14, 2008 2:23 pm Post subject:

land loans are a rarity these days - not that they were ever prevalent.

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