Loans
August 3rd, 2009 at 11:51pm
Under Commercial Loan
I’ve had real incentive to consider this week’s topic: How permits affect commercial loan underwriting. Those of you in the business for a while have undoubtedly come across an apartment project, office, or retail project with “un-permitted” additions. To be clear, “un-permitted” work on a property is work that was done without the local city building and safety department knowing about it. Even though it may have been done to the latest code, it was done without the local authority’s blessing.
When you ran into that property with un-permitted work, you may have been initially surprised to learn that lender involved disallowed any income or value attributable to those improvements. I’ll also bet that it didn’t make a lot of sense to you. The tenant was there, the square footage was there, the lights worked, the toilets flushed … why wouldn’t it count?
The theory goes something like this: The city has the right, once it learns about the un-permitted work, to require the owner to provide access to city inspectors to all of the improvements done, whether or not the current owner did the work! This particularly applies to any building safety related work such at plumbing, electrical, and structural. So if the city required that of an owner, it means that walls get broken into, floors get jack hammered, and life around the un-permitted work generally becomes hell.
If there happens to be a tenant … who pays rent … around this work, then it’s not altogether unreasonable to assume that rent might stop and for a potentially long time! It’s possible that the un-permitted work could be disallowed entirely. This would mean less income for the property, potentially putting the lender’s loan in jeopardy. The moral of the story: Before taking on a property with un-permitted improvements, make a stop at the Building and Safety office of the local city to find out what is allowed and what the “re-permitting” process will entail. It could save you thousands of dollars.
WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete statement with it: ’Craig Higdon, “The Investment Property Insider,” works as a commercial mortgage broker. He publishes the weekly “Investment Property Insider” e-zine and blog,
www.InvestmentPropertyInsider.com. Visit the blog and get a complimentary report on commercial financing techniques.’
By Credit Info
August 3rd, 2009 at 11:42pm
Under Payday Loan
Can anyone give a detailed explanation about payday loans and its advantages?
By Finance Enquirer
August 3rd, 2009 at 11:42pm
Under Mortgage Loan
We would like to swap houses with another couple. The houses are of comparable value. In doing so, we would like to each keep our existing mortgage loans in place and just continue to make the same monthly payments as before. Is this possible? If so, how is this accomplished paperwork-wise?
By Finance Enquirer
August 3rd, 2009 at 09:30pm
Under Auto Loan
I have a credit score of 697, I have three credit cards which I pay on time and usually make much more than the minimum payment each month. I am 19 and have had one of the cards for over a year. I also now have a great job making $10 a hour and working almost forty hours a week so a car payment won’t bankrupt me each month, unfortunately I have only had the job for 2 months and I know that affects the loan. I applied for a loan at my bank, and they turned me down, and also through Capital One who also turned me down, saying I don’t have enough credit. The car I want is $7,000, and really a great deal on a 2001 VW Passat w/ only 51,000 miles! I love this car and just don’t know how to get the money to get it. I am going to a dealership today to look at cars but don’t really want to buy from a dealership and “settle” for a car that will be much more expensive just because they will give me a loan. With a very high interest rate I’m sure. Please help if you can any advice would be great.
By Finance Enquirer
August 3rd, 2009 at 09:01pm
Under Mortgage Loan
Applying for a home mortgage loan can be a real mine field. Find out about the things that may disqualify you for that mortgage loan.
There are several things that you will have to provide proof to any lender before you will be approved for any home mortgage loan that you apply for. The 5 things that can shoot you down are: Inadequate Income, Too Many Outstanding Debts, Poor Credit, Improper Documentation and Lack of Information.
Inadequate Income
Your income, or lack of enough of it, is one of the determining factors that a lender will use when approving any home mortgage loan. From the lender’s standpoint, if you are barely making enough to make ends meet currently, you will not be able to afford the mortgage payments and they are likely to end up having to foreclose on the property.
Too Many Outstanding Debts
This can also cause you to be turned down for a mortgage. When a lender sees that you have a lot of credit card debt, too many open lines of credit or owe too much on current loans, they might turn you down based on this. If you cannot afford to pay your current debts, you are going to be considered a bad credit risk.
Poor or Bad Credit
This is one of the fastest ways to get denied a home mortgage loan for. Any lender who sees too many late and/or missed payments on debts, charge-offs or recently opened lines of credit will take a second look at the buyer’s other information to decide if they are a good credit risk or not. Foreclosures and bankruptcies on your credit report are not good either. The only thing worse than having poor or bad Credit is having no credit at all! All of these will either disqualify you altogether or cause you to have to pay a higher interest rate, more points and make a larger down payment.
Improper Documentation
This one simply refers to the paperwork that you need to give to the lender when you apply for and during the processing of your home mortgage loan. You will be denied a mortgage if any of your personal or financial documents prove to be false. This refers to your Birth Certificate, Credit Reports, Income/Employment Information or any other information that you provide the lender. Providing false information may lead you to have to deal with serious legal charges. This is not saying that people have totally gotten away with buying property with stolen money, credit information or false/stolen identities, as that has happened. Most lenders go to great lengths to verify that all information given to them is correct and accurate.
Lack of Information
This is another really quick way to be denied for a home mortgage loan. If you either do not give the lender enough information to work with or simply refuse to do so, you will get turned down due to not enough information. This is referring to personal, financial, employment, familial and any other information that the lender needs to be able to make the best possible decision about your credit-worthiness or lack of.
By Credit Info
August 3rd, 2009 at 08:59pm
Under Unsecured Loan
like a $20000 limit. With bad credit..And is there anyone out there that would loan me the money
By Finance Enquirer
August 3rd, 2009 at 08:21pm
Under Consolidation Loan
You can make money online in a variety of different ways. How you go about doing this is up to you, but the best way that I know of is with a cash gifting program. You may not know what cash gifting is or why I suggest this, but let me tell you why I recommend cash gifting. The reason that I suggest it is because it is the fastest way to earn cash to your door and a lot of it daily. It is easy to get involved in and there are no products to sell. You deal with straight cash only. In a cash gifting program you get a website and marketing tools to make money. Your lead capture page explains everything that you need to do and others need to know about the program. All you have to do is send your cash gift of anywhere from $500 – $3500 to join and then you are eligable to receive that for life. It is a true form of passive income.
This is the best way to make money online that I know of. There are other ways to make money online, but most of them require a lot of hard work. They can be equally profitable, but if you do not have time to learn how to market and advertise some sort of product and service online and are not willing to invest a lot of work, you probably wont make a lot of money any time soon. If you just want a good return on your investment, for life, then cash gifting is the way to go. Check out http://www.moneytoyourdoor.com for full details on how you can make money online with cash gifting.
By Credit Info
August 3rd, 2009 at 08:21pm
Under Payday Loan
Sometimes you do face situation wherein money is required urgently for needs like medical bills, phone bills, and electric in the middle of the month. Payday loans UK come handy in situations like these. Payday loans UK are approved within 24 hrs and hence are perfect solution for your urgent requirements. The interest rate is a bit higher compared to other traditional loans because of the fact that payday loans UK are short term loans.
Payday loans are basically unsecured in nature. You don’t need to place any collateral in order to avail payday loans UK . With payday loans UK you can avail an amount that ranges from £200 to £1500. The repayment duration of payday loans is short and ranges from 2 weeks to a month at maximum. You can extend the repayment duration by paying more money to lender, but it is not advisable. Being unsecured in nature, payday loans UK carry a bit higher interest rate compared to other loans, but you can easily avail payday loans UK at competitive interest rate due to the fierce competition prevailing in the market. Bad credit borrowers can also avail the benefits of payday loans UK however for this they will have to convince the lender regarding their repayment ability.
There is certain criteria you must fulfill in order to avail payday loan UK. You must have a full time employment. You will have to show your employment proof to the lender. Your monthly salary should be at least £ 1000 a month. Also you must be 18 years of age or more in order to be eligible to avail payday loans UK.
One of the best things about payday loans UK is their easy availability. You can either apply for payday loans UK through physical lenders or through online method. Online application method is fast and hassle free compared to traditional method and requires less paperwork. To apply via online method all you need to do is fill up an online application form mentioning you contact details and details regarding the type of loan you want to avail. Payday loans UK are the fastest means of generating good amount of money for urgent requirements.
By Credit Info
August 3rd, 2009 at 08:17pm
Under Student Loan
Today we need the right education if we want to do well in this business world. This thing is necessary since a good stable job is very tough to find. The top companies are always looking for those people who have a strong educational background. Education is now a way beyond the means of man or woman. When the parents are unable to provide the finance for the education then many college students apply for the loans. It is because the student needs the consistent source to fund for the educational costs. Other than educational cost, student also need to pay the tuition fees, housing, food and transportation fees that is connected with attending university/college.
There are profit and non-profit institutions that are working to provide the funds to those students who are financially not able to complete their studies. There are federal student loans & private student loans. One of the most common loan programs which are chosen by the students are Non Teri loans. The non Teri private student loans are most popular and common credit based loan programs available. These private student loans are credit based. In the non credit based loans the loan providers did not look for the credit of the student who is the borrower. It is an important factor since the students don’t have the credit history when they are in school or colleges and doing their education. These kinds of loans are good for students who have poor credit history.
Since the non Teri student loans are credit based so the student who are interested in this loan program need to provide a cosigner who has a good credit history and is willing to be the student’s cosigner. The credit history of the cosigner will increase the chances of approval of the loan for the student. So it’s better to find a person that can be your cosigner and has a good credit history. Your parent’s are the first choice to be your cosigner if they have a good credit history.
If you had already taken student loan(s) then you need to consider for the loan consolidation. It will give you the benefit of improving your credit score. If you are thinking to do so then you need to take the advice from your financial instruction or your university service center. By doing consolidation the debt management will be easier through lower monthly repayments. You can also negotiate for the lower interest rates while applying for the private student loans. Now is you are willing to go for the loan the see the profile of the lenders and then get the non teri student loans.
Kelly Mills is the Web Master of many websites. She is providing the valuable information in the form of articles. To Know more about non teri private student loans,
Click Here.
By Credit Info
August 3rd, 2009 at 07:44pm
Under Student Loan
I have a $1000 line of credit I am trying to pay off. When making a payment online I have the option to do a “principal only payment”. Can someone explain how to use that option to my advantage?
By Finance Enquirer
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