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Private Lending & Conventional Mortgage Advice

User Stats

82
Posts
62
Votes
Jeremy Holden
  • Real Estate Agent
  • Scottsdale, AZ
62
Votes |
82
Posts

Client In Need of Personal Loan Secured to Home

Jeremy Holden
  • Real Estate Agent
  • Scottsdale, AZ
Posted Jun 9 2024, 18:00

I have a client who is in need of a personal loan (under 15K). The funds will be used for cosmetic home improvements as we list and sell the property. My client intends to pay off the principal, interest, fees... all at the close of escrow. They have plenty of equity in this primary residence and do not want to pursue a heloc or REFI due to credit issues. Does anyone have a contact or firm that specializes in these types of personal lending situations?

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15,539
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12,914
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Chris Seveney
Pro Member
#3 All Forums Contributor
  • Investor
  • Virginia
12,914
Votes |
15,539
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Chris Seveney
Pro Member
#3 All Forums Contributor
  • Investor
  • Virginia
Replied Jun 9 2024, 18:15

@Jeremy Holden

This in Arizona? They potentially could get someone to lend but the fees will be pretty high which could cause some challenges as many won’t want to touch it

Why not just sell as is ?

User Stats

20
Posts
19
Votes
Kyle Gardner
  • Developer
19
Votes |
20
Posts
Kyle Gardner
  • Developer
Replied Jun 9 2024, 18:18

Hey Jeremy, we do this at our brokerage. Call me tomorrow

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7,868
Posts
6,266
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Andrew Postell
Lender
Pro Member
#1 Creative Real Estate Financing Contributor
  • Lender
  • Fort Worth, TX
6,266
Votes |
7,868
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Andrew Postell
Lender
Pro Member
#1 Creative Real Estate Financing Contributor
  • Lender
  • Fort Worth, TX
Replied Jun 9 2024, 20:52

@Jeremy Holden I'll message you.  We write these in all 50 states.

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1,274
Posts
281
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Jacob Sherman
Pro Member
  • 12 Penns Trail Suite 138 Newtown, PA 18940
281
Votes |
1,274
Posts
Jacob Sherman
Pro Member
  • 12 Penns Trail Suite 138 Newtown, PA 18940
Replied Jun 10 2024, 09:36

this can be gotten at a credit union on bank as an unsecured personal loan . some have for upto 84 months