May I secure my house equity loan against a non-standard home?

May I secure my house equity loan against a non-standard home?

Home owner loan loan providers make use of your home as protection therefore within the case that is unfortunate that you do not repay your loan, your premises could be repossessed.

Securing your loan against a non-standard building (age.g. One produced from anything besides bricks and mortar) are hard as lenders see these properties as harder to re-sell it tough to allow them to make their funds returning to cover your loan.

Due to this, some secured loan loan providers have actually strict financing requirements on buildings including:

  • Listed structures
  • High-rise flats
  • Tin Roof
  • Thatched roof
  • Ex-local authority
  • Uninhabitable home
  • Non-standard construction
  • Concrete
  • Flats with balcony access
  • Metal framework
  • Timber framework

For lots more advice on securing that loan against a non-standard construction, make an enquiry and we’ll refer you to definitely one of many property home loan professionals to provide you with the proper advice.

Are you able to obtain a homeowner loan without any home loan?

An property that is unencumbered a home this is certainly owned outright without any home loan or loans guaranteed against it.

Harder getting a home owner loan on home without any home loan or equity, because typically they are applied for on an additional cost home loan and should be guaranteed on the top of the very very first fee mortgage. Continue reading “May I secure my house equity loan against a non-standard home?”

Tough Cash 101: All You Need To Learn About Getting To Grips With Intense Cash Loans

Tough Cash 101: All You Need To Learn About Getting To Grips With Intense Cash Loans

Whenever you hear the words “hard money loan” (or “private money loan”) what’s the first thing that passes through your thoughts?

Shady searching loan providers whom conduct their company in dark alleys and fee interest that is sky-high?

In previous years, some bad oranges tarnished the hard money lending industry whenever a couple of predatory loan providers had been wanting to “loan-to-own”, providing extremely high-risk loans to borrowers utilizing property as collateral and planning to foreclose in the properties. Continue reading “Tough Cash 101: All You Need To Learn About Getting To Grips With Intense Cash Loans”