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Texas Pool Lending

Posted by experimentalbbq (My Page) on
Mon, Jul 11, 11 at 18:37

Anybody having luck in Texas with pool lending? Everybody I have spoken with wants to do a second lien. This is fine, but I already have one... so, the solution is to take our second and add in the pool. The problem is that home values have sunk enough that there's no room to get the 55-65k we need.

It's amazing where we are today in the loan industry. My credit score is 815, my wife's in 790. We have no issues with monthly payments.. it's just massing the 5 figure pool amount that we have trouble with. With our bonus structures we can probably pay it off in 4-6 years anyway. I've talked to just about everybody I can think of. Any suggestions out there would be great. So much for the American Dream.. finance it now so you can have it and pay later! LOL (please see the sarcastic humor in that). At the moment right now the solution is to do things the right way.. wait and pay cash.. grrrr.


Follow-Up Postings:

RE: Texas Pool Lending

Try Grand Bank in Dallas, speak to Jim.

RE: Texas Pool Lending

We used Captial Bank Texas for our pool loan. I think it was terms a home improvement loan, not an equity loan. No closing + 6.75% interest. We financed for a 10 yr, but will likely pay it off in 4. They added the value of the pool to the tax appraisal value to come up with our debt to equity.

Another option is Lyon Financial. I will forewarn you, they are pretty high. I think the rate was in the mid 8's, plus about $2k in closing costs.

Good luck!

RE: Texas Pool Lending

We are closing tomorrow on a home improvement loan with Velocity Credit Union in Austin. Like you, we have excellent credit and were given 6.5% for 15 years. 100% financing with 100% LTV and the full cost of the pool included into the property value for their calculations. No other lender i spoke with could believe what Velocity was willing to do for us. No closing costs at all. No appraisal needed. I cannot say enough about them. Give them a call and see what they can do for you. (512) 469-7000 (Austin)
(800) 933-2029 (Toll free, outside the Austin Area)

RE: Texas Pool Lending

Your issue is the existing second lien. Pay that off and then you have plenty of flexibility to where you wouldn't have to put anything down.

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