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Go to a bank

Yusufnairaland2:

Hello all, good evening, please I am here to seek urgent advice on how and where to obtain a loan using 2 landed documents as collateral?
My dad is having it very bad with his business, it has completely collapsed and he is in some bad and irrecoverable debt. He has two landed property, one is a 12unit/no's of room and Parlor self contain at the last stage of completion just flooring remains to be done located in Ikorodu Lagos. He has spent over 7million on this property.

Another is a face me I face you apartment with rental value of 420k per annum and a structural value of over 4.5million In a very developed location in Ajangbadi..

We are ready for physical inspection and verifications of all claims and also ready to submit all documents needed to authenticate our claims.

We urgently need 500k-1million naira loan to offset debt and get back aflout with business.

Please if you know where or who we can talk to or where to obtain this loan, please indicate it here. Thanks in anticipation of your responses..

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

SavageResponse:


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

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

Yusufnairaland2:

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

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

SavageResponse:


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

Both properties have a valid Certificate of Occupancy..

The repayment plan is to sell off one of the properties..

Yusufnairaland2:

Both properties have a valid Certificate of Occupancy..

The repayment plan is to sell off one of the properties..

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