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Message
Private Lender Loan
Posted on 11/16/17 at 12:53 pm
Posted on 11/16/17 at 12:53 pm
Looking for some direction on finding a private lender for a secured loan without going to a bank. Goal is to pay off unsecured higher interest debt. A bank loan will not work due to the homes being in a flood zone and flood insurance cost will offset the savings in the interest payments.
My questions are 1) do private lenders do this sort of thing? 2) Can any of your recommend someone? 3) What are the common terms for such a loan?
Here are some bullet points:
1. Collateral is 1.67 acres of lake front land on Cheniere Lake in West Monroe. Land is divided into 2 lots, both of which have a double wide trailer with combined rental income of $2000 a month. Can add a 38' mobile kitchen as additional collateral.
2. While the homes are in a flood zone, neither of them took on water during the floods of 2016. Lots are built up.
3. Wanting to borrow between $50,000 and $60,000 on a five year term.
Any thoughts or suggestions?
My questions are 1) do private lenders do this sort of thing? 2) Can any of your recommend someone? 3) What are the common terms for such a loan?
Here are some bullet points:
1. Collateral is 1.67 acres of lake front land on Cheniere Lake in West Monroe. Land is divided into 2 lots, both of which have a double wide trailer with combined rental income of $2000 a month. Can add a 38' mobile kitchen as additional collateral.
2. While the homes are in a flood zone, neither of them took on water during the floods of 2016. Lots are built up.
3. Wanting to borrow between $50,000 and $60,000 on a five year term.
Any thoughts or suggestions?
1
Posted on 11/16/17 at 1:11 pm to Ambassador
What's your current APR? Is this unsecured debt?
Do you have equity in your personal residence?
Have you investigated the possibility of raising rent to cover the flood insurance?
Do you have equity in your personal residence?
Have you investigated the possibility of raising rent to cover the flood insurance?
Posted on 11/16/17 at 1:36 pm to ODP
quote:
What's your current APR? Is this unsecured debt? Do you have equity in your personal residence? Have you investigated the possibility of raising rent to cover the flood insurance?
Current APR is 16%
We currently have a construction loan on the home we just bought and will refinance probably in March. We expect to have $100,000 equity in the home then.
Rent is already $1000 a month for a trailer. The private lots and the homes are nice, just not sure I can get that much more for them. Even I did I would either be paying the higher interest or the flood insurance.
Posted on 11/16/17 at 1:59 pm to Ambassador
quote:
We expect to have $100,000 equity in the home then.
I think this would be your best bet. A home equity loan will give you a lower APR and has the added benefit of being able to deduct the interest on your tax return if you itemize.
Posted on 11/16/17 at 2:42 pm to ODP
That is a good way to go but could be 6 months away. That will probably be the way we go.
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