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Updated over 6 years ago on . Most recent reply

User Stats

37
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1
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Andrew P.
  • Investor
  • Syracuse, NY
1
Votes |
37
Posts

Funding after 10 personal loans?

Andrew P.
  • Investor
  • Syracuse, NY
Posted
Hi All, Looking for advice on the next steps regarding loans. We maxed out at 10 personal loans, with one title that is free and clear. Will anyone give an 11th personal loan? Do we need to switch to commercial loans or are there any other options? Thanks!

Most Popular Reply

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1,982
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599
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Jassem A.
  • Investor
  • Pennsylvania
599
Votes |
1,982
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Jassem A.
  • Investor
  • Pennsylvania
Replied

Some lenders may lend in house. Typically it's considered commercial unless you plan to live there and 20% down is usually required either way.  I am able to get a commercial loan with similar terms as primary with 20% down but it's 25 yr term fixed rate instead of 30 yr. Another credit union was willing to do a 20 yr term fixed for a primary home but they wanted to do all kinds of inspections. Local banks or credit unions will be your best bet and it might require some shopping around.

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