Can I Get A Small (2nd) Heloc With Alot Of Equity But Poor Credit

cuegis

LoanSafe Member
Jul 19, 2010
139
6
18
I have a home that I plan to sell over the next 6 months. The average "time on the market" for apartments in my condo is 3 days.

The home value is $1.7 million ( based on the last 3 sales in the past month).

I have a (Hamp) 1st mortgage of $370,000....
and a Hamp 2MP Heloc of $500,000.

So,I have more than $800,000 in equity in my home.

I need a small line of credit or loan of about $25000-$50,000 to pay for expenses that involve the selling of my home (lawyers , accountants etc.).

Is it possible that the huge amount of equity that I have plus the relatively small amount of money I want to borrow something that could offset my very poor credit?

The interest rate , within reason, is not that important to me because I will only be borrowing this money for a very short time.

How would I go about this? Who would be the best place to approach in a situation like this?

Thank you,
David
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Southern California
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Hi David,

You would need a hard money loan (private investors) and most lenders that do them have a minimum amount they will lend, and rate and term.
The rate will most likely be 10-17% at a cost 6 points and a 1-5 year due clause.

I'm sure there are many lenders who would be interested in lending you money at $50,000 or above. You will still have to qualify.
 

Los_Angeles

LoanSafe Member
May 13, 2010
34
0
6
Hi David,

You would need a hard money loan (private investors) and most lenders that do them have a minimum amount they will lend, and rate and term.
The rate will most likely be 10-17% at a cost 6 points and a 1-5 year due clause.

I'm sure there are many lenders who would be interested in lending you money at $50,000 or above. You will still have to qualify.
Cuegis, Did you have any luck? I'm in almost exact same situation. About $1,100,000.00 in equity and looking for 50K plus Heloc. My numbers are quite similar to yours. Moe, can you steer me in right direction? Lenders can reach out as well.

Thank you in Los Angeles.
 

bkakca

LoanSafe Member
Jul 5, 2013
189
20
18
Hi David,

You would need a hard money loan (private investors) and most lenders that do them have a minimum amount they will lend, and rate and term.
The rate will most likely be 10-17% at a cost 6 points and a 1-5 year due clause.

I'm sure there are many lenders who would be interested in lending you money at $50,000 or above. You will still have to qualify.
Moe, please scroll down and check out this Tom Vichi member, sent me some info that looked like scam info, on loans with a 2% interest rate, no dollar limit, up to 30 years, no financials, just shady. Part of the paperwork says they can change the loan terms, as well as add fees at "various times" and you agree to this in writing. Is this the kind of stuff I see appear and then it disappears due to filters? I think he needs to, please check out his posts. And he started a conversation with me also. Honestly think me may be a scam artist.
 

cuegis

LoanSafe Member
Jul 19, 2010
139
6
18
Moe,
Please examine the post, a few posts back, from ShineForth Funding Co. (Steven Sill)...It is a scam.
You can verify this with a minimal amount of google research
 
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cuegis

LoanSafe Member
Jul 19, 2010
139
6
18
Yes, Shineforth....listed under member Tom Vichi above, Steven Sill.
Do you know of any "legitimate" places for poor credit bridge loans.
You can read my post under "bad credit loans".

I'm selling my NYC coop for $1,700,000 and purchasing a coop next door, all cash for $350,000.
I just need a very short term loan of about $35,000 as a deposit with my contract to purchase the new home.

I could even use the huge equity in my current home to secure the loan if necessary.

I need to find a place that is for real..i.e. not a scam.
 

bkakca

LoanSafe Member
Jul 5, 2013
189
20
18
Do you know of any "legitimate" places for poor credit bridge loans.
You can read my post under "bad credit loans".

I'm selling my NYC coop for $1,700,000 and purchasing a coop next door, all cash for $350,000.
I just need a very short term loan of about $35,000 as a deposit with my contract to purchase the new home.

I could even use the huge equity in my current home to secure the loan if necessary.

I need to find a place that is for real..i.e. not a scam.
Hi Cuegis, we did a hard money loan just once, years ago, here with a local hard money lender.

If you want to avoid Hard Money, in many cases Erik Sandstrom here at PrimeLending can help, you can reach him at [email protected] or 619-379-8999
 
Last edited by a moderator:

bkakca

LoanSafe Member
Jul 5, 2013
189
20
18
Do you know of any "legitimate" places for poor credit bridge loans.
You can read my post under "bad credit loans".

I'm selling my NYC coop for $1,700,000 and purchasing a coop next door, all cash for $350,000.
I just need a very short term loan of about $35,000 as a deposit with my contract to purchase the new home.

I could even use the huge equity in my current home to secure the loan if necessary.

I need to find a place that is for real..i.e. not a scam.
I see a lender that lists New York, with a minimum loan amount of $20,000, and maybe the others lend across the nation also, not sure. Just check them out carefully of course. And you can probably search for Hard Money lenders in your area, and do some checking on them, and their loan amounts as well. Good Luck !
 
Last edited by a moderator:

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,799
456
1,000
48
Southern California
www.loansafe.org
Moe,
Please examine the post, a few posts back, from ShineForth Funding Co. (Steven Sill)...It is a scam.
You can verify this with a minimal amount of google research
Thanks cuegis! I just banned him, but will leave his posts here for consumer awareness.
 
S

Sharonmm

Guest
Moe, please scroll down and check out this Tom Vichi member, sent me some info that looked like scam info, on loans with a 2% interest rate, no dollar limit, up to 30 years, no financials, just shady. Part of the paperwork says they can change the loan terms, as well as add fees at "various times" and you agree to this in writing. Is this the kind of stuff I see appear and then it disappears due to filters? I think he needs to, please check out his posts. And he started a conversation with me also. Honestly think me may be a scam artist.
He is a scammer. He also goes by John Hooker. Same rate 2% I lost over 6,000,00$ on this Tom Vichi
 
S

Sharonmm

Guest
Yo
@bkakca, Im not a Scam artist, I sent proof for a loan that I completed few weeks ago, I will successfully close your loan with no upfront fees, okay
u are here too John Hooker aka Tom vichi. Wow you scammer what going on. My money will come by fire. You will pay my money back scammer
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,042
161
63
San Diego, California
www.loansreduced.com
Hi Sharonmm,
I'm the moderator here at Loansafe. I handle much of what is going on with the forum on a daily basis. I'm not understanding what exactly you are saying. I have edited a post above to remove a portion where I saw marketing being pushed to a hard money lender. That is not allowed here and it has been taken down. Please let us know if there is anything else we can do to help.
 
J

JacK Liam

Guest
Hi David,

You would need a hard money loan (private investors) and most lenders that do them have a minimum amount they will lend, and rate and term.
The rate will most likely be 10-17% at a cost 6 points and a 1-5 year due clause.

I'm sure there are many lenders who would be interested in lending you money at $50,000 or above. You will still have to qualify.
Agree, you can check out our website for lenders @ https://persaloan.com/