Profile picture for smalt4

I am looking for a home equity loan on a vacation home with no mortgage. it's in a trust i'm the tru

I am the trustee of a real estate trust that has a summer home with no mortgage.  The assessed value is 289,000.  I would like to take 75K out.  My credit is high risk.
  • August 19 2009 - York
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Depending on how high risk your credit is, you may be able to get a loan. Assuming the appraisal comes in at the assessed value of $289k, you would only have a loan to value ratio of 25%. I would go in to some of the smaller local banks such as Kennebunk Savings, SIS and York County Federal Credit Union.

If traditional banks aren't willing to lend to you then you can try a hard money lender. They will charge you a higher interest rate but you will get the loan you need.
  • August 03 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Your best bet would be try a Lender near your summer home.  If your credit is high risk though I doubt you will have much luck.
  • August 19 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.