Looking to borrow 40k

[sleepy911]

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

[Arizona_928]

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.

[Craig T]

Originally Posted by sleepy911

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

Where is the land?

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

[pcardude]

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

You're welcome

[sleepy911]

Originally Posted by pcardude

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.

[Porsche-O-Phile]

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.

[Gogar]

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.

[Craig T]

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.

[sleepy911]

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.

[sleepy911]

Im recently divorced and the ex got the house

[Craig T]

PM sent

[Brian in VA]

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

[fintstone]

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.

[sleepy911]

Originally Posted by fintstone

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.

[fintstone]

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.

[sleepy911]

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

[fintstone]

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

[Shaun @ Tru6]

Originally Posted by sleepy911

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

What do you do?

[1990C4S]

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.

[Baz]

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!!!