8-flat in Chicago, IL

Looking for financing on fully-occupied 8-unit in Chicago via pay day loans online. Sales price $200,000; building value $280,000. Rent is low in that area, each unit is going for an average of $425/mo.
Borrowers have credit in the 500′s — excellent repayment history, except one has a 1×90 on a Capital One card and the other has a medical collection and a perfect mortgage history. Great income; attorney w/ 60K & health care w/ 52K.
Looking to do seller carryback for LTV balance. Borrowers are prepared to invest $10K-15K… If this has to go towards the purchase price, we’re looking for concession in closing costs.

Great Option for People with Bad Credit Rating

If you need to take a loan to cover urgent expenses, but your credit status is poor, the best option for you is to apply for a fax free payday loan. This type of loans is intended to provide instant cash to people who encounter unsuspected monetary crunch. Lots of people prefer these loans, because they have numerous advantages. The main of them include quick and simple application procedure and no credit check.
Let’s start with the application procedure. As it has already been noted, the process of applying for a loan of this type is characterized by simplicity and quickness. Most lenders do not require faxing various documents and completing long forms. Moreover, today there are a lot of online lending agencies that allow their clients to apply on the Internet, i.e. to fill out a small application form online and get a loan without leaving home. Online forms usually include questions regarding personal details of a borrower, such as name, address, place of work, and bank info. In most cases payday loan applications are processed in no time. Very often applicants get instant approval and receive money within an hour of submitting their loan applications. Repayment procedure is quite simple as well. On the day of your next pay the borrowed sum together with interest charges will be withdrawn from your account and transferred to the account of your lender.
And now it’s time to speak about another benefit of payday loans – no credit check. If you have history of default, insolvency, or foreclosure you still can qualify for this loan, because payday loan agencies don’t verify credit rating of their customers. The only thing they want to be confident of is the ability of a borrower to pay back the loan. Therefore these lenders provide loans only to those who have steady income. So if you have a permanent job, then even poor credit standing will not prevent you from obtaining a payday loan. The fact that most other loans can not be granted to people with bad credit status makes payday loan especially popular. However, it should be mentioned that these loans are given at considerably high rates, because in this way lenders offset the risks that they run granting loans to applicants with poor credit status.
But you should know that different agencies have different interest rates, so it is advised to search for companies that fix minimum interest charges. So as to choose the most favorable option, you may find information about several lenders on the Internet and compare their terms and rates of interest. There are also some agencies that give good discounts to their new clients. But even if you manage to find a lender with the minimal interest charges, never apply for a sum that is more than you actually need. Besides, you should keep in mind that these loans are not meant for regular use and should be taken only in case of financial emergency.

Unsecured Loans With No Questions Asked

If you find yourself in a situation where you need cash but you do not want to risk any collateral (especially in these recessionary times) or do not want to be restricted in any way that you might use the funds, taking out an unsecured loan is a considerable option. Lenders will not put any constraint on how you manage the funds and you will not put any of your property at risk. Whatever the situation may be, clearing up debts or making a large purchase, an unsecured loan may be good for you.

Unsecured Loan Basics

Unsecured loans have few, if any, restrictions. Years ago some forward-looking lending institutions created them to adapt to potential borrower needs. Also referred to as signature loans, they do not require any collateral. And, you can spend the many anyway they like. Before releasing a signature loan, banks take a gander at a number of factors. They will check income and credit history. A poor credit history will not keep you from getting a loan. You will have high interest rates because the lender assumes a lot of risk when granting such loans.

Unsecured Loan Qualifications

Since unsecured loans are not backed with collateral, a lender will scrutinize payment history on other debts, credit ratings, etc. You show these to the lender along with proof of income. This will help the lender to determine your ability to pay. While credit scores are evaluated as part of the process, realize that these loans were created to allow some flexibility and to give those with poor scores an opportunity to borrow. If you want a large loan, more than $40,000, you probably will have to present some collateral. If the amount you seek is less, even with credit problems you should not have much of a problem in obtaining a loan.

Career and Lifestyle Important

As a prospective borrower, a lender will want to know a few things about you. They will look at your employment vitals, checking time and steadiness of working. This will give them some insight as far as your career future and future ability to pay. They will want to see that your expenses do not over run your gross income. Thus, they will see that you have disposable income. With disposable income and steady and projected steadiness of employment, the lender will give you and your request serious consideration.

Unsecured Loan Lenders

Brick-and-mortar financial institutions are the largest source of unsecured loans for folks with good credit histories, but they are not the sole source of such loans. People with poor credit have access to a number of lenders willing to take their business. Your best bet would be to go online and start doing research there. You will be able to shop among various lenders to get the best deal. Be sure you check out at least five lenders, because you will be surprised how terms, rates, and conditions will vary form lender to lender. A little thoughtful time spent can save you a considerable sum in the end. Also, more often than not, online lenders can usually avail you of a loan by using web technology from application to final granting of the loan.