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    7 Replies Latest reply on Jun 1, 2008 11:38 PM by jakewo0

    Loan options

    BOAman Newbie

      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.
        • Re: Loan options
          DomainDiva Ranger

          I am sure you need the money right now but you are already 100,000 in debt. Not only is your FICO score playing a role but your debt-equity-ratio is wrecked.

          What you need to do is to start focusing on getting out of debt or at least reducing it substantially by at least 50% within the next year.

          Make a list of your debts from the smallest to the largest then pay off the smalled one first, when that one is paid off take THAT money + the money that you are paying on the next largest debt and pay off debt #2 and on and on....rolling the money over and over to the next debt.

          If that is not an option that you want to consider then you may want to divest yourself of some real holdings and get your debt paid off. This is an incredibly tight market right now and lenders are not letting go of any money unless the numbers tell them to.
            • Re: Loan options
              jakewo0 Newbie

              Wow!! That was a good option you give. It can help more to
              people. Me I will follow what he says. It will help a lot to those people who
              have a big debt.








              Don't be a victim. Stop credit card debt now. We can help.
            • Re: Loan options
              kirkley Adventurer

              why should you debt to equity ratio be bad if you are only 10% of 1 000 000 in debt. I agree with you. Banks need to think out side the box.

              Did you develop a relationship with you loans officer?

              Government usually have money in the form of grants and other means in which they give to non government agencies to manage for them. You can get a loan from one of these agencies. I saw a list on this site. if i find it again i will email it to you.

              look for a lending institute other that bank or credit union who lend venture capital.
              kirkey ( search for my new post free advise at a click)
              • Re: Loan options
                What is the 20K for and how long do you need it?
                Have you considered private money?
                • Re: Loan options
                  tinat99 Newbie
                  Do you accept credit cards? If so, I provide a merchant cash advance with a 80% approval rate. There are no fixed payments. A percentage of your credit card sales repays the cash advance. Can get the money to you in 10 days.

                  Call Tina at 714-791-6035
                    • Re: Loan options
                      kirkley Adventurer

                      Do you have other options for offshore invesments. email me if you would like to see my business plan. you can double your investment in less that a year or earn a min of 300% for long term investment. send me a line if you are interested.

                      kirkley (Grab-it Barbados)
                    • Re: Loan options
                      MRFINANCE Adventurer
                      You need to develop a pipeline of PRIVATE funds. Choose your projects carefully and show investors why it is worthy of their interest. I prefer to to give investors 12% as long as the projects make sense. Talk to everyone you know. There are even ways of tapping into investor IRA s and 401-Ks.



                      Richton Funding