Board Topic: trouble getting secured loan
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trouble getting secured loan

Posted by: Matt Oct 15 2003, 12:11 PM
Does anyone know a lender that I can contact for a secured loan? I was going through KEY for their "October promotion" where I could get "5.9% with no fees or early pay penalties & 7-10 years to pay" but after I gave up all of my info (company & personal) including financial statement suddenly I have to take out a personal loan, 5.45% but has to be paid back in 5 years........... this makes no sense to me and I am new to the arena. Any help would be appreciated! - again I do have the assets to secure if a lender wants a secured loan - I am looking to close on the business w/i 2 months.............

Posted by: loanuniverse Oct 15 2003, 03:51 PM

Is the offer at 5.45% for five years unsecured? If it is then it is very good pricing. Depending on the amount of money that you are looking for, the purpose of the loan, the kind of assets that you are willing to pledge, it might not be possible to beat that pricing without some serious time invested looking for an alternative if at all.

I just responded to another person that is looking for a mortgage for commercial property and has to pay 5.90% for five-years giving a first mortgage on the property.

Not sure if I can point you out in the right direction, but you did not provide enough information. I don’t even know if “KEY” refers to “Key Bank”.

Good luck.

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