Dept Consolidation Loans

What’s the best way to get a Dept Consolidation or Personal loan ?

Just sold property worth over 200k , the problem is I am holding the paper until he gets a Contruction loan, if that does not happend he has up to 7 years to pay me off..how can i use that for ecqidy? I am looking to borrow 25k…HELP!

I hope the sales document was drafted by a real estate lawyer and that you have a lien on the property.

Whether you can discount or mortgage or otherwise borrow against the paper (your interest in the land) depends on the creditworthiness of the buyer. I have my doubts given the way you have phrased your question. What assurance do you have that the buyer will seek a loan in good faith? Have you had a copy of his financial statements?

A debt consolidation loan is for credit card debt. Generally they are bad deals. Often they are second mortgages at interest rates higher than mortgages should be, and they are for desperate people. Personal loans are generally for short-term use, although 7 years is not unknown. What you should not do is fall victim to one of the sharks out there. A decent banker should be able to tell you what your sales contract is worth. But I am left wondering just who the buyer is, whether there was a real estate agent involved, and why your lawyer isn’t answering these questions for you. After all, I don’t even know what country you live in.

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