would private loans be the right thing for me?
I want to buy a fairly cheap second home (a condo) in Maryland. I'm thinking $100K but maybe as much as $350K depending on the deal. But I want a "private" loan so that it doesn't show up on my credit record -- just so I can keep my credit score higher in these troubled times. I never thought about the idea of a loan not showing up until I bought a small commercial building that was seller financed. Now I've got a $500K loan that the Big 3 know nothing about. I don't need a hard money loan -- I'm fine financially -- just a "private" one. How does one go about finding such a loan? by Marylandman22 from Ocean City, Maryland. Sep 25th 2009
Joshua Crater (Rate1st.com)
#203 ranked lender in California - 47 contributions
It will either need to be seller financed, someone you already know, or you are going to pay a higher interest rate (typically 9%+, which is basically hard money). But since rates are so low right now it would make a lot more sense to go with conventional financing. Check out our Current Rates at www.Rate1st.com/Rates to see more details about what is available. Feel free to contact us if you have anymore questions. Rate1st Customer Care Dept. 1-877-728-3178 ask for Brock
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