need short term loan on primary residence: unique circumstances. which type of lender do i use?

3 Replies

i need a short term loan (40k) against the equity in my primary residence. i own it free and clear. it's valued at 65k. i have no stated income. credit score 675. $0 debt. i've inquired at the banks about heloc, but have been turned away due to lack of proof of income. which type of lender should i use for this type of loan?

Find a hard money lender, this will be your best bet

That's a tough one.  Traditional banks aren't going to do the loan if you don't have any documented income (as you are finding out), and hard money lenders don't typically do loans on owner-occupied residences.  You're probably going to have to think outside the box (i.e. borrow from family, sell a car, cash advance on credit cards, etc) if you really need the money that bad.  Good luck.

Originally posted by @Curt Davis :

Find a hard money lender, this will be your best bet

 Good luck finding a hard money lender that will lend on an owner occupied property due to the lending requirements on owner occupied loans.  

With no verifiable income you probably won't be able to get a loan on any owner occupied property due to lending restrictions. You must be able to demonstrate the ability to service the debt.

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