Foreclosure proceedings on two Manhattan apartments owned by estranged co-founder of Roc-A Fella, Damon Dash and his wife started this week. The properties are valued over $7M. Their lender Eastern Saving Bank funded their loan with a monthly payment of $78,500.
Eastern Savings bank funds loan for people with less than perfect credit and offers loans with high interest rates. There are not exactly considered sub-prime but rather equity based lender in that they lend money at 70% or less of the value or purchase price with interest rates in the 9-11% range.
These loans are considered "quick fix" solution for someone with bad credit rather than for long term financing. So getting a loan for a large amount like $7M will put a heavy strain on anyone's budget even if you're a multi-millionaire.
It is better if you fix your credit and get a loan that you can afford then to have bad credit and get a high interest rate loan thus putting you at risk of foreclosure because most likely that will happen.
Eastern Savings bank funds loan for people with less than perfect credit and offers loans with high interest rates. There are not exactly considered sub-prime but rather equity based lender in that they lend money at 70% or less of the value or purchase price with interest rates in the 9-11% range.
These loans are considered "quick fix" solution for someone with bad credit rather than for long term financing. So getting a loan for a large amount like $7M will put a heavy strain on anyone's budget even if you're a multi-millionaire.
It is better if you fix your credit and get a loan that you can afford then to have bad credit and get a high interest rate loan thus putting you at risk of foreclosure because most likely that will happen.
Posts
0 comments:
Post a Comment