Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated 3 days ago on . Most recent reply
Loan for debt consolidation
Hi BP community.
I've used credit cards/store cards/ high interest debt in order to turn a home into a short-term rental. It worked out and the home is successfully running as a STR and has been for over 2 years now. I obviously would prefer not to have the high interest credit card debt and am essentially looking for a way to restructure that debt into something more affordable without selling or refinancing the home.
Any "debt consolidation" type places I've found online seem to be a complete scam or require you to become delinquent on your debt etc..
I assume there has to be legit people/companies/etc that do some kind of personal loan/debt consolidation for someone in my position... I just haven't found them yet. Any help would be much appreciated!
Most Popular Reply
#2 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Charleston, SC
- 457
- Votes |
- 611
- Posts
#2 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Charleston, SC
I see that you dont want to refinance the property. If there is a lot of equity in it, you may be able to find someone willing to lend in second position on it. This will be complicated by the fact that this is a consumer purpose loan, but it might still be worth looking into.
Another option would be a personal lender like Prosper. They offer unsecured term loans in the high single digits and low teens for debt consolidation and other purposes and typically offer 2-5 year terms. You can also check into similar personal loans at local banks and credit unions. These loans are exactly cheap, but are probably still better options than the 20%+ on most credit cards.