Financial Credit Institution is a dead end when it comes to applying for a loan. As we have already seen in several previous articles, appearing in Financial Credit Institution means being considered a defaulter – Financial Credit Institution is de facto a database of defaulters – by any bank. So if we appear in Financial Credit Institution, the bank will not automatically grant us our mortgage loan, even if all the other variables (income, employment contract, family charges…) are positive.
Mortgage loans while in Financial Credit Institution
Although you cannot go to the bank for appearing on Financial Credit Institution, there are still options to obtain financing.
There is the possibility of resorting to private financing to obtain mortgage loans while at Financial Credit Institution.
At Private Loan we have a wide portfolio of private providers who do not get a return on their savings with classic banking products and choose to lend it to clients who cannot go to a bank.
Requirements of our mortgage loans
At Private Loan we want to help those clients who need financing while protecting the interests of private lenders who finance the operation. For this reason, the two essential requirements to access mortgage loans being in Financial Credit Institution of Private Loan are:
- Have a real estate property. As its name suggests, it is a mortgage loan, that is, a loan where a property acts as a guarantee. A simple note of registration is sufficient for Private Loan to verify the ownership of the property, which can be of any nature (a house, an apartment, an apartment, a commercial premises…).
- Request at least $ 20,000. The fixed expenses we incur are so high that opening a home loan line of credit while in Financial Credit Institution is not profitable for operations less than that amount.
Conditions of the mortgage loans
If the client meets the above conditions, we will study his request and his financial situation to assess whether the loan can be repaid. We need to know if you are already repaying other loans, what defaults have led you to Financial Credit Institution, if there are any embargo and / or auction processes on your assets… If our advisors determine that the situation is reversible, we will open a line of credit under the following conditions:
- The maximum loan amount will be 30% of the value of the home, which we will appraise independently to know its value. In the unlikely event of a default we need to cover the interest of the provider.
- Interest will be between 9% and 12%. The longer it takes to repay the loan, the higher the interest (this applies to all loans, private, bank…)
- The client chooses payments, amortization and practically all the conditions of the mortgage loans being in Financial Credit Institution to be able to return the money in the most comfortable way possible.
- All our mortgage loans while in Financial Credit Institution are signed before a notary. We want to transmit tranquility to both the signatory and the provider.
7 years of experience in mortgage loans
At Private Loan we have more than 7 years of experience connecting clients with private providers. Trust Private Loan for your mortgage loans being in Financial Credit Institution.
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