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Getting a loan while unemployed or working part-time

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branchville
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Getting a loan while unemployed or working part-time  Reply with quote  

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.
Post Thu Jun 23, 2016 11:03 am
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oldguy
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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.
Post Thu Jun 23, 2016 4:39 pm
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