Need 75k loan in GA secured with $175k NC property - Posted by Michael

Posted by Rich-CA on May 26, 2007 at 12:40:38:

Lenders are not looking at collateral per se. They are looking at your ability to make payments. The collateral is really just a way to encourage you to make payments through the implied threat of losing something you presumably value. The credit score and income are more important than the collateral. You have to get past that before they consider what you are going to secure the loan with. They are in in the business of owning houses, they are in business of loaning money and getting paid back.

Need 75k loan in GA secured with $175k NC property - Posted by Michael

Posted by Michael on May 26, 2007 at 09:36:14:


I need a loan to buy a business. Here is the scenario. I might need a hard money lender. First off, my credit is horrible since last year when I lost my job. It is probably around a 480. My parents can cosign, but their credit is also bad. The good news is that we have pleanty of collateral. We have a home in North Carolina we are inheriting and some land. I would estimate the value around $175000 at least and it will be owned out right. Also, we have a home here in Georgia with about $40k in equity. So there is pleanty of collateral. My income is about $2500 per month and I have only been at my current position for a month. My mom makes about $1600 per month and my dad broke his leg last year and makes about the same per month in Worker’s comp. One issue I think will come up with conventional financing is the fact that we are just about to inherit the NC home and there will be no seasoning. If anyone can help, let me know. I need the deal done by June 13th. There is pleanty of collateral so hopefully someone can do it. Email me at or reply to this message.