Chatel loan in SC
I have a client with a 626 credit score, good ratios, good employment history, who wants to do a cash out refinance for the purpose of debt consolidation. Loan amount will be approximately $42,000. The land and the mobile home are both owned by the same owner, but are titled separately (land on one, MH on one). Therefore, this will need to be a chatel loan. It is a 1992 doublewide valued at $25,000-$30,000. The land it is sitting on is worth nearly $40,000. The property is in South Carolina.
Request for a loan
I am French and living and working in Paris. I have a project of buying a house in Senegal and I am looking for a loan of US$ 50,000 with good interest which could be reimbursed on a monthly basis on a period of 5 years.
Questions on opening a loan brokerage office
Hi there,
I just got my california broker license and plan to open my own loan office. I've done about 20 loans (purchase and re-fi). Due to my relative inexperience, I would like to ask the following:
1) what are the major potential pitfalls, common mistakes for people starting out with their own loan brokerage firm? How to minimize exposure to potential liabilities (besides buying insurance) in the loan business?
2) How long would it take to a newly started firm to establish relationships and get competitive pricing with major lenders? 3 months? 6 months? Or maybe a year?