Need a place to get a loan

I was wondering if anyone knows of a place where I can get a loan for $45,000 secured or unsecured with a resonable rate and monthly payment.

Self employed for 16 months
Middle credit score is 565
2 past delinquents on my credit report stemming from last year

Purpose of loan:

Pay off $17,500 worth of credit card debt and dump the rest of the funds for my business. I thought about joining but I don’t like the idea of waiting for bids.

Any suggestions would be greatly appreciated.

Have you tried doing a cash-out on your current home? With your FICO at 565 you will most likely have to go with a non-prime lender, but the increase in rate should be more than offset by the increase in cash flow you will have by paying of 17K in credit card debt. Hope this helps.

My home was appraised for $65,000 lats year in June. I’m in talks with a mortage broker on getting 2 mortgages paid off but he says there may not be a chance to add the credit card debt to the refinancing. I’ve already borrowed 100% of my equity, but according to him and the appraisel lady my home may be worth more now to get the funds to at least pay off the 2 mortgages. I don’t see how thats possible considering I haven’t done anything to the place to make the house gain value.

This is my contingency plan for right now as I highly doubt the the credit card debt will be added to the whole refinancing thing.

So yeah, I can’t get cash out of my home. Thats what happens when you live in a old school house.:smiley:

I don't see how thats possible considering I haven't done anything to the place to make the house gain value.

Appraised value is not based entirely on updates to your home. It is also based on market conditions and recent sales of comparable homes (a.k.a., comps) in your area.

Okay, now I am intrigued… Are the two mortgages you are paying off a first and a second lien on your current home? If so, what are the amounts of the mortgages? Also, where did you find financing for a school house converted to a home. I had one last year that I could not place anywhere. It was rural and no comps where available. Sorry to ask so many questions, but you have a pretty interesting situation.

Lein’s, Yes I believe so. I got the mortgages from:

North Pointe Bank: $33,517.45
Beneficial: $31,233.76