I own a small real estate business with about 1 million in assets, and about 10% debt. A recent divorce has hurt my my personal credit history. When I try to borrow money against my personal credit history, I am declined based on FICO score. Even the CREDIT UNION with whom I have the 10% debt (Lines of Credit against real estate, with PRISTINE payment history) turns me down on a loan application I made to increase my line of credit somewhat. They base their decision on the poor personal FICO score resulting from the divorce, while ignoring the excellent credit history I have directly with their organization, and my adequate current personal income flow. And I'm asking for a relatively small loan (~20K)
With the securitorization of mortgages, it seems most front-line bank loan officers have difficulty thinking outside the box of the FICO score, in order to lend me just a small amount of money (~20K).
What "secondary market" financing alternatives can any of you suggest? I need a loan officer who is capable of more flexible approach to my situation; one who can differentiate between the credit hit I took from my divorce, and my ability to repay based on the other aspects of my application.
I would appreciate specific suggestions if possible (e.g., go to this bank, go to CitiFinancial, call this branch of Beneficial Finance, places that your experiences would indicate would be a good target for me to explore.
BOAman
Tags:
Report as inappropriate
