Adjust or work with it. . . the idea is that we don't check credit history or require any proof of income, we simply finance our properties if a client needs financing.
There are people who are willing to invest in land. However due to financial crisis in the past, it is extremely difficult to get access to finance. Finance is the main problem in any investment. Large organizations such as banks and financial institutions do only provide capital to people who have had and have a strong financial background. The process of gaining access to fund to purchase a land is thus quite difficult. But there is an easy solution to the problem of finance.
Source of finance
There is a particular source of finance which many of us do neglect. When you are about to purchase land, you will usually have to contact a seller. The seller might be providing with facilities. Small companies such as “silver discount properties" is among the few companies which provide financing when you purchase your plot of land from them.
There are several benefits derived from this source of finance. This source of financing is actually growing. The main cause of the rapid increase in loans from the company that sells the land is the wide spectrum of gains such as:
- Easier to gain access to capital then from banks
- The process is fast
- The collateral value of land is considered
- The fixed or variable interest rate can be negotiated (in some cases)
- Repayment schedule can be extended to a long time frame
- Better relationship between seller and buyer is established
There are more gains, but these are the preeminent ones. For instance, a family who has purchased a plot of land in New York for the purpose of moving nearer to large city in the future. Unfortunately, the family experiences heavy financial crisis because two of their children have to pay high University Fees. Thanks to this special source of finance, the short-term problem can easily be solved. The family can reduce the cash outflow, by either negotiating with the lender (to perform a lump sum payment the following month), or if the collateral value of the land has increased, the same land company can find a buyer so that you can sell your land. If the land has appreciated sufficiently you will end up with a profit.
This is a simple example too show you why borrowing money from a company which sells land is better than questing for money from banks. First, it is difficult to obtain if your financial record is poor or if you have not had a stable income since the last 2 years. The bank will definitely under-valuate the price “collateral" of the land. The loan that you will obtain might be insufficient to purchase the plot of land.
Some companies, which sell land and finance do not check credit history or proof of income. They simply help the customer to finance the property they are willing to buy. This is a tremendously good way of gaining access to the finance you need.
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