vania-janet/multiturn-rag-retrieval-data huggingface dataset:
Well, these can range from loan broker to outright scams. It is pretty typical that loan broker just take some fee in the middle for their service of filling your applications for a bunch of real loan provider companies. Because making a web page costs nothing, a single loan broker could easily have many web pages with a bit different marketing so that they can get as many customers as possible. But of course some of the web pages can be actual scams. As soon as you provide enough information for taking out a loan, they can go to a real financial institution, take out the loan and run with the money. In most countries consumer protection laws do not apply to business-to-business transactions, so you have to be even more wary of scams than usual.
"Construction loans are typically short term that then get rolled into conventional mortgages at the end of the construction period. Since the actual construction loan is short term, you cannot combine it with a long-term land loan as well. You could do the two separate loans up front to buy the land and finance the construction, then at the end roll both into a conventional mortgage to close out the land and construction loans. This option will only work if you do all three through the same lender. Trying to engage various lenders will require a whole new refinance process, which I very much doubt you would want to go through. These are sometimes called combo loans, since they aggregate several different loan products in one ""transaction."" Not a lot of places do land loans, so I would suggest first find a lender that will give you a land loan and set an appoint with a loan representative. Explain what you are trying to do and see what they can offer you. You might have better luck with credit unions as well instead of traditional banks."
Do you have any legal options? Not really. Citi is under no obligation to refinance your loan on your terms. But that goes both ways, and you are under no obligation to refinance with Citi! Get more quotes from another lender. It'll feel really good when you find a lender that wants your business. You might get a better deal. And think how good it will feel to cut ties with Citi!
You're talking about porting your mortgage, which may be possible if your mortgage was portable to start with, or if your bank subsequently allows it. Note that although porting a mortgage involves keeping most of the original terms and conditions, the process is still much like applying for a new mortgage, including any lending requirements. Here's an article on the subject. EDIT: In response to OP's comment below: What will happen to the first property if I don't sell it? Because porting a mortgage is treated as if you were closing one mortgage and opening a new one, this means that you would need to pay off the first mortgage. Typically this would be done by selling the first property at the same time that you buy the second one. However, if you're not doing this, you'll need to raise funds another way, which could include opening a new mortgage on the first property (of course, if you're doing that, then there would have to be a good reason for porting the original mortgage; otherwise you might as well leave it where it is, and open a new mortgage on the second property instead). Does the article apply the to USA too? That article (and indeed this answer) are based on the situation in the UK. However, they appear to exist in the US too, though are rarer than in the UK.
It depends on your equity(assets -  liabilities). If you have a lot of equity, banks will be happy to lend you money because they now they can always seize your assets. If you don't have a lot of equity another option is to go to hard money lenders. They charge high rates and some of them lend-to-own, but is an option. And consider what Pete said, you might be a little optimistic.
Possible? Sure. The question is where do you plan on going to get the money and how well can you shop around to find the best rate for the loan. Banks and credit unions would be one option but I'd be curious as to how well do you know the various routes you could take.
"The Answer is yes according to multiple online sources and my local bank. This approach is a common technique to building your own home. You finance the land, build the simplest possible dwelling (say a garage with 1 bathroom/bedroom), refi into a mortgage and get cash back and then build your ""real house"" or add on, etc. This eliminates the banks demands that come with a ""construction loan"" and saves you 10s of thousands in the process (fees, contractors, scheduling, design, etc)"
Does your current employer offer a 401(k)? Can you roll your IRA into that? You can borrow from a 401(k). If you leave your job, get fired etc., you have to pay back the loan but you can avoid the early withdrawal penalty at least; there may also be  less of a tax issue since it is a loan and may not be considered income unless you don't pay it back. The terms for  taking a loan are set by the 401(k) plan  documents. If you explore this route make sure you see the plan document itself. Don't rely on what someone tells you.
&gt;if I loan you $500 a night every night for 5 days and those loans allow you to earn $100 totally risk free how much have I loaned you? Does it even matter, because the end of result is I essentially gave you $100.  A bank lends me $10k to start a business.  I eventually make $5 million dollars with my business.  How much was my loan?  DOESN'T MATTER, THE BANK GAVE ME $5 MILLION.
Hi all  Started my MBA studies recently. We have a simulation project and I've taken the VP Finance Role as I didn't have much experience in this and wanted to learn more. Unfortunately I don't have accounting until next semester, so I'm trying to make up the cap with my career experience so far as an engineer + youtube tutorials.   I built a discounted cashflow model. I'm trying to now determine the amount of loan to take in my first year of business. Basically the equity financing doesn't cover our first year capital expenditure, let alone any other costs.  My question is how do I determine what an appropriate loan amount is to take. My first thoughts are enough to cover my capital expenses + 1st half of the year operating expenses before I start seeing a revenue.   Right now my balance sheet would lead me to believe I have a 0.52 Debt Ratio and 1.23 Debt-to-Equity ratio. Is that ok?
No, you can't do this indefinitely. For one, you can't just take money out as home equity with no strings attached. The cash out is done as a loan (often a HELOC) or second mortgage and you have to make payments. The lender will always make sure you are able to afford the payments. At some point, you won't qualify for the loan because of insufficient income or too many previous liens on the property. While home values often go up, there's no guarantee. And your examples are more than a bit optimistic.
A financial institution is not obligated to offer you a loan. They will only offer you a loan if they believe that they will make money off you. They use all the info available in order to determine if offering you a loan is profitable. In short, whether they offer you a loan, and the interest rate they charge for that loan, is based on a few things: How much does it cost the bank to borrow money? [aka: how much does the bank need to pay people who have savings accounts with them?]; How much does the bank need to spend in order to administer the loan? [ie: the loan officer's time, a little time for the IT guy who helps around the office, office space they are renting in order to allow the transaction to take place]; and How many people will 'default' and never be able to repay their loan? [ex: if 1 out of 100 people default on their loans, then every one of those 100 loans needs to be charged an extra 1% in order to recover the money the bank will lose on the person who defaults]. What we are mostly interested in here is #3: how likely are you to default? The bank determines that by determining your income, your assets, your current debts outstanding, your past history with payments (also called a credit score), and specifically to mortgages, how much the house is worth. If you don't have a long credit history, and because you don't have a long income history, and because you are putting <10% down on the condo [20% is often a good % to strive for, and paying less than that can often imply you will need mandatory mortgage insurance, depending on jurisdiction] the bank is a little more uncertain about your likelihood to pay. Banks don't like uncertainty, and they can deal with that uncertainty in two ways: (1) They can charge you a higher interest rate; OR (2) They can refuse you the loan. Now just because one bank refuses you a loan, doesn't mean all will - but being refused by one bank is probably a good indication that many / most institutions would refuse you, because they all use very similar analytical tools to determine your 'risk level'.
There are loan options for those in your situation.  It is very common.  I am a licensed loan officer nmls 1301324 and have done many loans just like this.  Your schooling is counted as your work history Contrary to popular belief.  We want to write loans and guidelines are easing.  Banks are a different story and their loan officers aren't licensed.  If you talk to a bank you aren't getting an educated loan officer.  They also have what are called overlays that make guidelines stricter.
To give the seller cash at the closing, you will need to borrow the money ahead of time, which means a mortgage is out. A bank will only make a mortgage if they get the deed. Therefore, you will have to borrow a different way, such as through a more-expensive home equity loan.
I have never attempted to take out a loan, but I mean any kind of loan or lease based contract.  Also I am a lifer that will never return to my home country.  I have accepted the xenophobia attitude but that doesn't mean I saw screw what they think and make it worse.
You might want to talk with your financial planner about any or all of the following: as well as Some of these offer the guarantee of a minimal amount of interest, as well as the ability to take a loan out against the cash value, without lapsing the policy.  They may also offer certain tax advantages depending upon your jurisdiction and situation.
Busted locks, broken windows, non-working toilets, stains on the carpet, stuck doors, ripped screens, leaky showers, broken tiles, painting exterior trim, painting walls, painting fences, etc. You can spend thousands every time a tenant changes. Other caveats: Banks are much more strict about loaning to non home owners. You usually have to have reserve income. So, if you have little or no income, or you are stretched already, it will be difficult to get commercial loans. For example, lets say your take-home pay is $7,000 and you have no mortgage at all (you rent), then it is fine, the bank will loan you the money. But lets say you only have $5,000 in take home pay and you have an $1,800 mortgage on your own home. In that case it is very unlikely a bank will allow you to assume a 2nd mortgage on a rental property. The more you try to borrow, the more reserve income the bank will require. This tends to set a limit on how much you can leverage.
Some requirements needed for availing loans are FICA documents, a certain percentage of equity of the purchase price and A signed Offer to Purchase/Deed of Sale etc. A single loan can be availed that will include both the purchase and construction components of the investor’s project.
Assuming United States; answer may be different elsewhere. The best instructions I have seen for this were on the webpage of one of the law firms making an organized business out of intra-family loans, but any lawyer who can deal with normal bank loans should be able to help you set this up and get it filed with the appropriate authorities to make it a legally binding mortgage. Shouldn't cost you much in legal time to do it. You will have to charge interest; your lawyer can tell you what the minimum and maximimum interest rates would be where you are. Your interest income will be taxable. The borrower may or may not be able to deduct the interest paid from their taxes. Of course if the borrower has any sense they'll want to get their own lawyer to review the terms of the agreement, and to tell them whether they can deduct it from taxes or not.
"You can certainly borrow from your parents, and they can take out a loan under their own names if you can persuade them to do so. That really is the best solution I can think of for a loan to a minor... assuming that your parents think the trip is important enough to justify the cost and commitment of taking out a loan at all. (If they don't, they wouldn't co-sign for a loan either.) Other than that... I think the simple answer is ""no"". You are probably going to have to find some other way to raise the money, or delay the trip. (Yes, theoretically there are things that can be done with them guaranteeing a loan on your behalf. But at your age, I don't know whether you would be considered legally competent to sign that agreement in most jurisdictions, and realistically it winds up being no less risky for your parents than the approach I suggested since they're still on the hook if you can't repay in time.)"
You do not need to set this up as a loan. Try finding an Indian student. He is eligible to get cash (using a travel card, may be) from India tax-free. As long as it doesn't exceed the i-20 amount, he will not have any problems. Since, $10,000 is very small amount, the student shouldn't be having any problem.
If an entity or individual has full rights to the land and land improvements, they can hold, transfer, delegate, or dispose of them on their terms.  The only exception may be eminent domain.  If the sovereignty meets the public necessity or public purpose tests they can assume or change the rights to your property in exchange for compensation. As others have said writing your own mortgage falls under the category of seller financing.  A seller can write a mortgage with the help of a loan servicing company.  Some loan service companies report to credit agencies, to help with buyer refinancing at a later point. Other forms of seller financing: Leasing Land contracts mineral contracts  and more... Additionally, the seller can finance the minority of the property, called a junior mortgage.  For example, the Bank finances 79% of the value, the seller finances 11%, and the buyer's 10% down payment covers the rest.  If the buyer defaults, the superior mortgage (bank's) has collection priority. More commonly, the seller can option for a wrap-around mortgage or an 'all-inclusive mortgage'.  The seller holds or refinances the existing mortgage  and provides a junior mortgage in exchange for a secured promissory note and an all-inclusive trust deed.  If the buyer defaults, the seller has foreclosure rights. It is not uncommon for entities or people to use financing strategies other than the traditional mortgage if they are unable to exclude the gain on sale.  Check out section 1031 exchanges.  In almost all cases I would tell people not to make decisions based on tax consequences alone, if your financial objective/goal for seller financing sounds like a 1031 exchange, take exception and carefully consider the tax consequences.
I went here: Consumer Loan Law. It seems that a consumer loan is anything other than a business loan or mortgage.  However, in California it seems to include a mortgage. It's a bit weird to see that a HEL can be considered a consumer loan even if it is the primary or the only loan on a property.  Getting a HEL can be a great low cost way to (re)finance a property as they tend to have low or no closing costs and lower interest rates.
"The problem here can be boiled down to that fact you are attempting to obtain a loan without collateral.  There are times it can be done, but you have to have a really good relationship with a banker.  Your question suggests that avenue has been exhausted. You are looking for an investor, but you are offering something very speculative.  Suppose an investor gives you 20K, what recourse does he have if you do not pay the terms of the loan?  From what income will this be paid from?  What event will trigger the capability to make a balloon payment?    Now if you can find a really handy guy that really needs a place to live could you swap rent for repairs?  Maybe.  Perhaps you buy the materials, and he does the roof in exchange for 6 months worth of rent or whatever. If you approached me with this ""investment"", the thing that would raise a red flag is why don't you have 20K to do this yourself?  If you don't how will you be able to make payments?  For example of the items you mentioned: That is a weekend worth of work and some pretty inexpensive materials.  Why does money need to be borrowed for this? A weekend worth of demo, and $500 worth of material and another weekend to build something serviceable for a rental.  Why does money need to be borrowed for this? 2K?  Why does money need to be borrowed for this? This can be expensive, but most roofing companies offer financing.  Also doing some of the work yourself can save a ton of money.  Demoing an old roof is typically about 1/3 of the roofing cost and is technically simple, but physically difficult. So besides the new roof, you could have a lot of your list solved for less than 3K and three weekends worth of work.  You are attempting to change this into a rental, not the Taj Mahal."
You're licensed to sell investments. You could get a job at a broker or RIA. You can sell stocks bonds funds annuities and work for a fee based ria in sales. You're technically licensed to give advice on investments but without at least some academic expertise in finance I would avoid it. Helpful?  edit: you don't need securities licenses to work in a bank. you'll be selling loans which is regulated differently.
You would probably be best off checking through your loan documents to see if anything is listed in it in regards to tearing down the existing house. Likely it is not allowed. Thinking about it logically, the house is collateral for the mortgage, and you are wanting to destroy the collateral. I would expect the bank would not be pleased. Semi related question (answers have some good info) -  Construction loan for new house replacing existing mortgaged house?
"As discussed in the comments, the best approach is to make a loan to the company. Make sure you document the terms of the loan including when it is repayable and any interest due. If you want to be able to retrieve the money for personal purposes then just note that it's repayable on demand. In practice if you just transfer money to the company when needed it would probably be treated as an interest-free loan, but even if that's what you want, it's best to document this to avoid any ambiguity. The main alternative would be for the company to issue shares that you would own and ""pay up"" the capital on. This would get the same money into the company, but it'd be harder to get it out again later. You may want to charge interest on the loan. The rate would have to be a reasonable one but you still have a fair amount of latitude in deciding it. Any interest would reduce the profits of the company and be subject to income tax when you receive it. Those profits would otherwise be subject to corporation tax. and then if paid out as a dividend might be subject to some income tax. You'd need to compare the tax rates for the two routes to see which was better; note that you pay less income tax than normal on dividends to account for the fact that corporation tax was already charged."
This is certainly possible. There are lots of strategies that involve taking out loans to invest. However, they are all high risk strategies. There's a school district for a major US city that was able to get incredibly favorable loan terms because their repayment was assured by law. They borrowed a bunch of money and put it into a variety of sure things insured by reliable companies like Lehman Brothers. You can figure out the rest.
Your account with my bank. My bank has simultaneously created an asset (the loan you now have to repay me) and an equal-sized liability (the funds I loaned you, which are now deposited in your account). I'll make money on the deal, because the interest you owe me is a much higher rate than the interest I pay on your deposits, or the rate I'd have to pay if I need to borrow cash to cover your withdrawal. (I might just have the cash on hand anyway from interest and origination fees and whatnot from previous loans.) From an accounting perspective, nothing has happened to my balance sheet, but suddenly you owe me closing costs and a stream of extraneous interest payments. (Nice work if you can get it...) Okay, so I've exhaustively demonstrated that I don't need to take deposits to make loans. But we live in a world where banks do! Here's a few reasons: You can probably think of more, but at the end of the day, a bank should be designed so that if every single (non-borrowing) depositor withdrew their deposits, the bank wouldn't collapse or cease to exist."
Are there any laws against doing this?  so long as you are truthful in your application for the loan, none that I know of - technically you could use the loan to pay for school and the cash that you would have used instead to invest.   Are there other reasons why this is a very bad idea? I think you've already identified the biggest one, but here are my reasons: Will you go broke or go to jail? Likely not, but there is significant risk in investing with borrowed money. You might come out ahead, but you might also lose a bundle.  If you're willing to take that risk, that's your right, but I would not call it a good idea under any circumstances.
Can you take 2 loans -- an 80% and an 8% loan? Same payments as doing PMI, but the 8% can be paid off in pretty short order and drop payments significantly.
"The other answers are talking about seller financing.  There is another type of arrangement that might be described as ""writing your own mortgage,"" where the buyer arranges his (or her) own financing.  Instead of using a bank, a buyer might find his own investor to hold the mortgage for him. An example would be if I were to buy a house that needs fixing up.  I might be able to buy a house for $40,000, but after I fix it up, I believe it will sell for $100,000.  Instead of going through a traditional mortgage bank, I find an investor with cash that agrees the house is a good deal, and we arrange for the investor to provide funds for the purchase of the house on a short-term basis (perhaps interest-only), during which I fix up the house and sell it.  Just like a regular mortgage, the loan is backed by the house itself. I am not recommending this type of arrangement by any means, but this article does a good job of describing how this would work.  It is written by a real-estate guru with lots of training courses and coaching materials that she would like to sell you.  :)"
What do I need to know if I'm unemployed and need to take out a home loan to finance a litigious divorce?  Which companies are best to shop around at?  How do I present my self and situation?  What harms or hurts my chances of getting a home loan?  Is this the same hung as refinancing a house?  Is there a website or article you can recommend about this?
If it were possible to take a loan out for a SIPP investment in the future .. I would suggest having an equivalent invested amount already in an ISA .. simply to cover you in the event of a job loss including additional cash in a deposit account. Secondly .. to increase your chances of success with this strategy I would also suggest doing this when the odds are more in your favour during the bottoming out cycle of a market crash. Thirdly .. it depends on how knowledgeable you are about investment , I would suggest being invested globally & in many different sectors to take advantage of various price movements.