Loading...
Answers
MenuHow can I access a portion of the equity I have in my home to resolve debt?
How can I access a portion of the $750k equity I have in my $1.4m home to resolve $30k in debt? The bank won't lend more as my income hasn't increased
I'm self-employed, business is strong and expect to have a great financial year with the recent launch of a second businesss. I have a slightly damaged credit score due to a judgment debt which has been settled. How can I resolve my situation to eliminate debt?
Answers
Talk to a mortgage specialist and borrow from a private lender, the interest rate will be more then the bank rate, but less then the rates on your unsecured credit.
Call local Mortgage Brokers + ask how to do this.
Likely they'll know people who write cash out loans on large equity properties.
And... $30K is fairly low... Likely you can acquire enough credit cards to pay off this low an amount.
Start by hiring a credit cleaning service. You can contact me for my personal list.
I always clean my credit before doing any loan applications, because credit reports tend to build up all sorts of cruft over time.
Last time I had to refi a house, my FICA mid score was 618 + after paying $200 + six weeks of work by a credit cleaner, my FICA mid score was 796.
After your FICA mid score is near 800, then go out for credit cards or refi your home or apply for a 2nd loan for cash out.
You have 50%+ equity in your home.
You can pretty much get a cash out loan any day for if you have 35%+ equity (last I checked).
Your local Mortgage Brokers will know better what's available in your area/state.
I believe that it is tapping problem. Second Mortgage is an option you have. Also known as a home equity loan, this type of home loan is the most structured, and it mirrors a primary mortgage. While these loans can come with variable interest rates, the interest rate is usually fixed. Home equity loans are amortized at the beginning. Each payment received is divided between interest and principal. Some HELOCs, however, require a minimum initial amount to be disbursed. HELOCs usually offer future amortization because of their structure. Unlike the other two forms of secondary home loans, HELOCs usually come with no closing costs. There is an option for this type of loan where you pay only the interest each month on what you have taken out.
You can read more here: https://www.investopedia.com/mortgage/heloc/home-equity/
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
Related Questions
-
In what moment I inject capital to the startup?
The other answers are good, and here is one practical approach to handling this. First, the accounting capitalization (10m x $0.001 = $10k) is really irrelevant. In fact, we went for 10m x $0.0001 = $1k. Whatever you pick, your company after formation will show $X of assets (the cash in the back) and $X of shareholder equity. So far so good. You then need to start spending money through the company. Rather than issue more shares, you can lend the money to the company; write out a loan agreement (probably something like a balloon payment 10 years out with 0% interest) and deposit the check. If you're doing everything at the same time, and want to have $1k of shareholder equity with a total of $25k to spend, then deposit the $25k check and call it $1k to purchase the founder's shares and $24k loan. In this case, your company now has $25,000 assets/cash, $24k liability (to you) and $1k shareholders equity: assets = liabilities + shareholder equity. Hope that helps clarify things a bit...RF
-
How to earn money from home ?
In this time of crisis, it is quite difficult to find a job outside the home, but there is a technological side that can make our lives easier and increase our income. ------------------------------------------------------------------------------------ Here are a few premieres that are a real boom at this time 1.E-Learning 2.Online gaming 3.Software Developer 4.Multimedia editor 5.Copywriter 6.Referral program 7.Advertiser 8.Online strategist 9.Live streamer 10.Chat supportDB
-
When recording income for a marketplace startup, is it typical to use the gross transaction or just the fees collected per payment?
You would include all those lines in your revenue. Typically this looks like: Receipts: [full cash inflows] Fees: [payouts to vendors] Gross Receipts: [subtract] This ALL does into the Revenue category, so that your stated revenue is indeed net of fees, but you can see how it breaks out to understand how money is moving. That's if the margin there is very slim. If the margin is pretty good, and if you believe you can increase that margin materially over time, you can consider putting those fees into your gross margin instead of in your income.JC
-
How to improve cash flow in a dental lab?
So you do lab work for dentists? If you post your website or some other info it might be easier to help you with the issue. If you want to improve cash flow you can either reduce expenses or grow revenue. My experience is that it is usually way easier to grow revenue since expenses are so thin for companies like yours unless you have wasteful habits. Figure out who your ideal customer is and develop a marketing plan. Make sure the marketing plan uses multiple marketing medians to get brand recognition with the target market. Follow up with phone calls and offer test orders or test lab work. Make sure you can demonstrate a clear advantage to working with you compared to others. Any clients you work with should respect your professionalism to sign an agreement with their orders to pay within a specified time frame. The agreement might also clearly spell out how the collections process works. Get signatures on orders, if they can order online include info like this in your TOS.CL
-
Angel Investors & VCs: What inspires you to invest?
As an angel, what I look for is founder/market fit. Does this entrepreneur have a fire in their belly to solve a problem and a really unique and inspired look at the market they are attacking? The motivation to angel-invest for me as an active entrepreneur is to build a strong network of founders who can help each other and share commonly applicable experiences.TW
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.