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Andy4712, Accountant
Category: Finance
Satisfied Customers: 540
Experience:  Business and accounting graduate.
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I'm in search of a legit private lender

Customer Question

I'm in search of a legit private lender .i have over 500k in clear property & a 580 score & need to borrow 150k , but having trouble finding a lender who I feel is legit . ************@*****.*** if u will tell me some lenders who are legit for the 35 I'll hire you
Submitted: 11 months ago.
Category: Finance
Customer: replied 11 months ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Andy4712 replied 11 months ago.
Here are some private lenders: it for a house?
Expert:  Andy4712 replied 11 months ago.
Here are some more:
Customer: replied 11 months ago.
Land ,no house on it . I have a house on 12 acres that I own free & clear that I can use as collateral also some other properties that are clear .
Expert:  Andy4712 replied 11 months ago.
Are you going to build: might be hard to get a loan on just land. It might just have to be a personal loan.
Expert:  Andy4712 replied 11 months ago.
Customer: replied 11 months ago.
Well yes & no . I'm planning on building a RV park on the property . It joins the 12acres w/ a log home on it , full wrap around porch , open cathedral , huge rock chimney through th center , beautiful mountain view , 3 MLS from I-75 , property is on a state scenic hwy, 8 ml from National forest hunt/fish, 1 ml fr public boat landing on river , 4 ml from outlet mall w/ all th name brand stores it will make a perfect restraunt/ bar maybe office . With this other land I'll have 40 acres total for th project . Do you think it will work ?
Expert:  Andy4712 replied 11 months ago.
They might want to take a mortgage on the log home. Does it already have a mortgage? I would just go talk to a local bank. It sounds like a business loan.
Customer: replied 11 months ago.
No I own it free n clear . True buy I only hv a 580 credit score
Customer: replied 11 months ago.
Expert:  Andy4712 replied 11 months ago.
The bank will probably want security for the loan. That security would be the log cabin. Are you going to rent out rooms? If they have a problem with it, then maybe you can rent rooms or run a bed and breakfast for a couple of years so you can show income and then apply for a loan if you are concerned about your credit score. You could also try and keep current with the credit you have to try to improve your score.
Expert:  Andy4712 replied 11 months ago.
Maybe you could do an SBA loan: state are you in? States typically have programs to promote economic development and small business.
Expert:  Andy4712 replied 11 months ago.
Here are some options for small business loans:
Expert:  Andy4712 replied 11 months ago.
Here is some additional information: you think I answered your question, then please hit accept. Thank you.