Posted on: 13th Feb, 2008 04:11 pm
Hi,
I own approximately 3 acres of land free and clear and I would like to borrow against it in order to start a small business. My credit is not very good due to the loss of a lucrative job that was sent to India. I went back to college after losing the job and got a second batchelor's degree and teacher's license. Therefore, I now have student loans again (about $20,000) after paying back my original student loans. What do you think my chances are of borrowing about $25,000 against the land? The land would sell for about $30,000.
I own approximately 3 acres of land free and clear and I would like to borrow against it in order to start a small business. My credit is not very good due to the loss of a lucrative job that was sent to India. I went back to college after losing the job and got a second batchelor's degree and teacher's license. Therefore, I now have student loans again (about $20,000) after paying back my original student loans. What do you think my chances are of borrowing about $25,000 against the land? The land would sell for about $30,000.
Hi Curlysu,
Welcome to the forum.
You nay be able to get the loan but need provide some more detail regarding this like - your credit score, DTI ratio, monthly income etc.
You can also contact some lenders and find what they have to say regarding this.
Please take a look at it.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
You nay be able to get the loan but need provide some more detail regarding this like - your credit score, DTI ratio, monthly income etc.
You can also contact some lenders and find what they have to say regarding this.
Please take a look at it.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Hi Curlysu,
Business loans taken against and as the collateral may not be financed by those into residential lending. So, i suggest that you look out for lenders who specialize in such loans. But prior to that, get a know-how of business loans from a previous discussion on this topic.
Thanks
Business loans taken against and as the collateral may not be financed by those into residential lending. So, i suggest that you look out for lenders who specialize in such loans. But prior to that, get a know-how of business loans from a previous discussion on this topic.
Thanks
land loans are a rarity these days - not that they were ever prevalent.
