Posted on: 18th Dec, 2008 06:46 pm
I am interested in using a piece of land that I own as collateral for a line of credit, however, my credit is not good. Are there companies that can help me.
Welcome labontes,
Banks prefer to give line of credit at their most favorable rates against a person's home. So I don't think you will get a line of credit against a land. You can check out for land loans available with the lender.
You have also mentioned that you have a bad credit. In that case, you will face problems getting a loan because lenders will check your credit history before granting you a loan. It will be better if you can improve your credit and then look for loans.
Banks prefer to give line of credit at their most favorable rates against a person's home. So I don't think you will get a line of credit against a land. You can check out for land loans available with the lender.
You have also mentioned that you have a bad credit. In that case, you will face problems getting a loan because lenders will check your credit history before granting you a loan. It will be better if you can improve your credit and then look for loans.
yes, do agree with Adonis, as you have bad credit, I beleive you should improve your credit before to apply for a loan from the lenders...
Cheers
Cheers