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Nairaland Forum / Nairaland / General / Business / ... (781 Views)
Should I Sue? Legal Advise Needed Please / Urgent Loan Needed / Loan Needed : Nysc/degree Cert As Collateral (2) (3) (4)
... by Yusufnairaland2: 8:50pm On Jan 05, 2021 |
... |
Re: ... by njelrapheal: 9:06pm On Jan 05, 2021 |
Go to a bank |
Re: ... by SavageResponse(m): 12:05am On Jan 06, 2021 |
Yusufnairaland2: If the loan you seek is just 1 million then you don't need to pledge the two landed properties as collateral for the loan. Just pledge the one with less value because it's forced sale value should be more than enough to provide cover for the loan that's assuming the figure you quoted is the fair open market value |
Re: ... by Yusufnairaland2: 7:26am On Jan 06, 2021 |
SavageResponse:Good morning Sir, please where and how can we go about it sir. My dad is more of a cash person, he doesn't have a healthy bank statement hence my Scepticism with the bank option |
Re: ... by SavageResponse(m): 9:22am On Jan 07, 2021 |
Yusufnairaland2: Since he does not have a healthy bank statement it means the bank option is out. Your best option now is to look for a money lender within your locality but you may need to come up with another collateral cos I doubt he/she would agree to accept the property as collateral if it does not have a Certificate of Occupancy. Have you worked out a plan for repayment of the loan and the interest? You must have a repayment plan in place already and ideally it must be from cash to be generated by your father's business |
Re: ... by Yusufnairaland2: 9:37am On Jan 07, 2021 |
SavageResponse:Both properties have a valid Certificate of Occupancy.. The repayment plan is to sell off one of the properties.. |
Re: ... by SavageResponse(m): 10:04am On Jan 07, 2021 |
Yusufnairaland2: Since the properties have valid documents and will eventually be sold I don't see the point in taking a loan and paying interest; just sell the property and unlock the cash your father needs |
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