Posts: 8
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: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
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.
Thu Jun 23, 2016 4:39 pm
ranjith422 Senior Member
Cash: $ 71.10
Posts: 370
Joined: 07 Mar 2018
Location: New York City
I think that if there are bad credit loans services, then some private company can approve your loan application, where there are no strict rules for checking clients and if you borrow a small amount of money. You could try your luck on this site https://maybeloan.com/bad-credit-loans , at least they will really answer you very quickly.
