Need loan but have bad credit - Posted by Jean

Posted by Mr James Walters on September 16, 2006 at 07:38:52:

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Need loan but have bad credit - Posted by Jean

Posted by Jean on August 31, 2006 at 13:15:12:

My question is how do I get a loan for a fourplex unit, though I’ve recently broken a lease in June 2006 due to loss of employment. I now have a judgement on my credit report but I am trying to by a four unit building. I have had real estate in the past and have paid the mortgage off in full but I don’t no how to get over this bad situation.

Please help!

Re: Need loan but have bad credit - Posted by ralp

Posted by ralp on September 06, 2006 at 06:21:30:

I am a lender i give out loan with the interest rate of 7% and if you are still interested in getting the loan contact me via e-mail

Re: Need loan but have bad credit - Posted by Ed Garcia

Posted by Ed Garcia on August 31, 2006 at 13:24:47:


Here are the (9) ways to do deals with no money and no credit.

9 ways to do a deal with bad credit


In my workshop, I teach that there are at least 9 different ways you can do a deal with poor or bad credit.

Now before I give them to you, I want you to know that I’m really supportive of learning deal structuring. The first thing you need to do is, “investigate your deal” to know what I call (where the bodies lie) another words what is the seller’s main objectives or motivation. That allows, you to have an idea of what approaches are going to be compatible with the sellers needs, allowing you to do the deal.

Here are the 9 ways that I’ve mentioned.

(1) PARTNERHIP: Find a 50/50 partner. It don’t have to be 50/50, it can be what ever you can negotiate.

(2) FLIP: the best way to flip is to find a potential buyer first and then find a property. You can do this by running an ad on a property to see what kind of action you get. Once you have a potential qualified buyer, you’d be surprised how easy it is to find them a house.

(3) LEASE OPTION: Many times you can buy and sell with a lease option. We call this a “Sandwich Lease Option”. Jim, I’m not going to go into any great detail, you can find this information all over this forum.

(4) SELLER CARRY BACK: This is one of, if not my favorite way to buy. Now the best way to utilize this system is to do a second seller carry back in order to give the seller some cash in the deal. If money doesn’t exchange hands, many times the seller doesn’t feel that they consummated a sale.


I find a house that has a small balance on the first. Lets say the house is worth a $100,000; the balance on the first mortgage is $30,000.

If I wanted to buy this house for lets say $80,000, I could ask the seller to carry back $15,000 and go to a hard money lender to borrow 65%
of AMV (appraised market value) of which is $65,000 and the seller carrying $15,000 in second position, would ad up to $80,000. It would also give your seller $35,000 new cash, and $125.00 income on the $15,000 loan that they carried at 10% interest only, for 5 years.

(5) HARD MONEY: Hard money, is an equity loan made at approximately 65% LTV, based on the equity of the property only. Credit is not a consideration.

(6) HARD MONEY/SELLER CARRY BACK: Again, You can have the seller carry back a second and refinance the first, giving the seller some money. You can do variations of this system.

(7) SUB PRIME FINANCING: Many National lenders will provide financing at 70% with poor credit and won’t verify money down.

(8) SUB PRIME/ SELLER CARRY BACK: Again this combination can provide money to the seller, rather than ask them to carry the whole thing. Also there are local independent portfolio lenders that will lend as well as mortgage co’s and I always recommend seeking them out. National one’s would be Associates Finance, American General, Beneficial etc.

(9) CREAT YOUR OWN MORTGAGE: In our workshop, Terry Vaughan covers this, and shows you how to discount it and market it.

Ed Garcia

i can help with a loan - Posted by Mrs Shane

Posted by Mrs Shane on December 30, 2006 at 02:40:45:

I saw your ad on about you looking for a loan,if really in need of it and want to do business with the right people contact me today as i am a lady like you and i am from the Netherlands.
Your reply will be welcome.
Mrs Shane Van Puyten

Re: Need loan but have bad credit - Posted by Patricia Cabaniss

Posted by Patricia Cabaniss on October 24, 2006 at 12:44:30:

Despite the fact that I have a home standing, the impact Hurricane Katrina caused has taken a toll on me and my children. I am a single parent of two beautiful girls, one sixteen (16) and the other, eleven (11).

My home was badly damage and has been restored somewhat; but, unless I am able to continue paying my mortgage, I will lose what?s left of it. Because I did not have insurance, it has taken every bit of my income and donations to restore my home to livable condition. And unfortunately, the bills have continued coming and I have no means of paying them.

I am currently in Chapter 13 bankruptcy and I am behind on my mortgage and payments to my attorney and foreclosure is in the very near future.

I am writing you out of desperation in hopes of seeking help to save me and my children?s home. Any assistance afforded would be greatly appreciated.


P. Cabaniss
910 Chiniche Street
Bay Saint Louis, MS 39520