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cabehead1
110 Posts |
 Posted - 05/29/2008 : 9:59:33 PM
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| In 2006 I was offered a insecure line of credit for my client, the person that was offering it told me that they were FICO, Does anybody knows what I am talking about? Have anybody heard of it? |
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KHufford
6517 Posts |
Posted - 05/29/2008 : 10:05:11 PM
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quote:
Originally posted by cabehead1
In 2006 I was offered a insecure line of credit for my client, the person that was offering it told me that they were FICO, Does anybody knows what I am talking about? Have anybody heard of it?
Sorry, we only offer credit lines that are confident with their self image.
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mortgagemessiah
8003 Posts |
Posted - 05/29/2008 : 10:09:19 PM
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| Never heard of an "Insucured" Loan either. |
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cabehead1
110 Posts |
Posted - 05/30/2008 : 08:56:42 AM
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| insecured, sorry about the spelling. |
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jtm7332
512 Posts |
Posted - 05/30/2008 : 10:48:25 AM
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| UN-secured. |
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EMScommercial
5141 Posts |
Posted - 05/30/2008 : 10:50:53 AM
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give him a break... he's new to the subject matter.....
but kyle.... aren't most lines of credit borrowers pretty insecure about the whole process? emabarrassed that they need such a thing?
too deep? |
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FLhardmoney
256 Posts |
Posted - 05/30/2008 : 10:55:16 AM
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LOL, both words are pretty much the same in meaning anyway.
I can get them done...def. need tax returns.
What state? Loan amount? Credit score? Is this personal or biz?
deeles07@yahoo.com |
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mandysmom
310 Posts |
Posted - 05/30/2008 : 12:19:21 PM
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| It's an un secured line of credit, meaning there is no collateral backing the loan. |
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mojojojo_1
863 Posts |
Posted - 05/30/2008 : 1:16:38 PM
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| can you wholesale this. i would love to be able to offer it |
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swmsn
4205 Posts |
Posted - 05/30/2008 : 10:18:29 PM
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The Lenders look at credit score, history, and GROSS of the tax returns. You will find mostly 60% MAX of GROSS is what you can get. Credit needs to be LOWEST SCORE 660+
Email me if this fits your scenario. |
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velecico
4213 Posts |
Posted - 05/31/2008 : 03:01:35 AM
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No one will give up their sources here , try GOOGLE or you may want to start calling S and L and credit unions in your area , thats where I waqs getting mine untill bank sold
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j_mahaska
311 Posts |
Posted - 05/31/2008 : 07:20:05 AM
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quote:
Originally posted by cabehead1
insecured, sorry about the spelling.
I had to put my insecure line of credit on Lexapro it was so unsure about it's self |
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swmsn
4205 Posts |
Posted - 05/31/2008 : 08:33:02 AM
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The Lenders are all banks. The key is to find someone that does this and can look at the credit, history, location, income, and app and have the knowledge of where to go, what to say, etc... etc...
I know which banks will do this in my area. BUT as you know everyones credit history and deals are different, so I sent mine to a company to help me get this. To make sure at the time I maximized my potential and needs. |
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ddmortgage
297 Posts |
Posted - 05/31/2008 : 08:51:07 AM
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| I have a client who is interested in those as well as business lines of credit. I have someone but he charges 12 pts and my borrowe just wont pay that. I would be inteested if anyone can point me in the direction of a good source for unsecured loans or business lines of credit. |
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velecico
4213 Posts |
Posted - 05/31/2008 : 09:27:44 AM
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thats where you need to do your research , no bank will charge you 12 points , the broker is charging you 12 points because they have the source , you could always pay it the first time and then go to the source yourself , I doubt the bank would agree to a NC between 2 brokers but I may be wrong |
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ddmortgage
297 Posts |
Posted - 05/31/2008 : 09:52:56 AM
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| Thanks Nick |
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velecico
4213 Posts |
Posted - 05/31/2008 : 10:28:20 AM
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start with a 10 mile zone along your office look for credit unions and small banks , call the VP and make your pitch |
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Reegor
558 Posts |
Posted - 05/31/2008 : 11:04:45 AM
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Right now the only sources I found are private. 12% is a gift compared to what I found.
I found 18% and 15 points, and I found another at 20 points.
Makes you wonder. If I did something like this as a broker how long before someone comes knocking on my door calling me a crook. I had to vacate these offerings and wish the client good luck.
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