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can a person start a business selling home equity/home improvement loans?
I have several pool companies that refer between 7,000,000-9,000,000 a year in lending averaging 50-55k per unit and I work at a retail bank. I'm curious if I could use these major COI's to my advantage and refer/sell/broker these loans off? I can not afford to shell out 40-60k to "front" for the loans, but I am curious what my other options are to offer loans from several banks and in return earn a commission.
**Strictly Home Equity/Home improvement loans, NOT REFI-W/ Cash-Out or purchase.**
1 Answer
- Anonymous7 years agoFavorite Answer
The equity in your home is the difference between the saleable value of the property and the borrowing you have against it. For example, if your home is currently valued at £150,000 and you have £50,000 outstanding on your mortgage, the equity in your home would be £100,000. If you had paid off your mortgage in full, the equity would be £150,000.
Source(s): http://www.mypoolpro.com/