Are there any ways to get a finance, while on bad credit?
My score with TransUnion is at 510, and have been rejected by three banks and one finance company. I need to subdivide a block of land, and sell it for profit.
Even though the unimproved value of the land is greater than the loan, thus the lender has 100% security, none wants to approve the loan.
When pressed, one lending officer told me taht my income is insufficient for the repayments, and approving the loan would contravene basic lending rules.
It seems, there are no other options opened to me, but to try a private lending. But, would rather not go this way of financing, as it involves too much interference from the lender, and interest is too steep. Ah, the amount at stake is $255,000.
Any advice would be welcomed!
