Joined: 24 Jun 2015
Location: northeast US
Getting a loan while unemployed or working part-time
What are options for someone who who has a 20% down payment and is looking for a long term business loan mortgage (the business includes property) over 20-30 years, but is currently unemployed or works part-time. The business loan would be for an established, stable business.
Any advise very appreciated.
Thu Jun 23, 2016 11:03 am
oldguy Senior Member
Cash: $ 717.80
Joined: 21 May 2006
You might ask the owner/seller to carry the loan, that is a common method for farmland & commercial property. You would need to compensate him for his added risk, maybe a 10% or 12% rate.
And there are Venture lenders at the local level, they usually want >12% loans and <20 year-terms.
A conventional lender won't want that loan, they have thousands of qualified borrowers that want the usual home loans, that's where they will try to place their money.