Looking to borrow 40k
 

Any pelicans out there do private lending? Im looking to borrow 40k for 5 years. I was thinking 10% and I would use my 10 acres as collateral. I need the money to install a new steel building on the land. If interested please pm me. Thanks

I need double that for a commercial well lol
You can enlist. Hear the army is offering 40 grand bonuses. More if you're SF, pilot, ect.

Where is the land?

Do you have stable income? (aka - A good job?)

I will give you 1 buck. Now you only need 39,999

You're welcome

Thanks. But can the peanut gallery move on and give their advise elsewhere. And yes same job for 25 years and exellent credit.

Don't be so dismissive - microlending mught be a good way to go here. If you got 400 people each in for $100 you'd be there. Work it.

With a steady job and great credit, Whats keeping you from going to a traditional lender?

Seems like a fair question.

Good luck with your project. SmileWavy

Where is the land?, and does it appraise for over $40K? Just the city and state, not the physical address.

I could be interested, but won't the bank give you a construction loan with the land as collateral? Once the structure is built, you can refinance the entire property with the improvements and pay off the higher interest construction loan.

Ok. The land is on lake mcclure in california. It's worth rock bottom at 60k. I've tried a couple banks but because I'm going completely off grid they won't touch it. My credit is north of 730 but they don't care.

Im recently divorced and the ex got the house

PM sent

You could try realty shares.com. Private loans through the website, is apparently legit.

Tough break. Seems that $40K for 5 years is about $850 month and will cost almost $11K in interest. It seems that $40K is not enough for much of a building. Especially if you need grading, septic, etc. Are you looking to build a home or a business? If it is a place to live, it would seem a used motorhome or large camping trailer would be a better way to go...because financing would be easier and you can sell if you change your mind.

Good luck.

Already have a 36' diesel pusher on the propery to stay in when I'm there thats paid for. The shop is 1800 square feet. I'm relocated there permanently in a few years but need the shop in soon to put in all my shop equipment.

Sounds like a plan. Looks like you already have some interest. If that doesn't work out, let us know. Maybe we can come up with something.

I thought about a go fund me type account. If I could get 29 people that want their leather seats done and would give me 2 years to come through I'd have the money. Any takers

You do amazing work. I have a set of vinyl sport seats that would look good in leather.

What do you do?

I have some experience in similar loans, 10% does not cut it. We loan to builders who buy five or six building lots in a subdivision, $200k or so per lot, the land is the collateral. They pay 12% and they pay legal fees for both sides.

Perhaps a fellow Pelican will help you out.

This is a time when you could really use the help of a couple good friends who wouldn't mind giving you the loan - maybe even on a handshake. If you had 3 who could each pony up $10K, the last $10k could come from a bunch of smaller loans.

I've witnessed plenty of occasions where people did this so keep at it and don't give up.

As an alternative, perhaps you could find a place for your equipment on a temporary basis, at least until the funding is secured.

Good luck!!!