Resell lenders, Who did you use?

[Tigger1]

I am considering a resale purchase and do not want to refiance the home. Did anyone use a lending company and did you like the company?

 

[Mousewerks]

We used TimeshareLending.net and we've been pleased with the service. That said, I think one has to be aware of what's going on to use any lender.

 

[DisKneeDad]

I am considering a resale purchase and do not want to refiance the home. Did anyone use a lending company and did you like the company?

Why not a home equity? If I had to borrow, I would get the cheapest money possible.

 

[Syndrome]

I am considering a resale purchase and do not want to refiance the home. Did anyone use a lending company and did you like the company?

We are also choosing an outside lender vs a refi on our home for various reasons.
We have been working with Brad at Monera Financing. They only deal with DVC financing, and are very knowledgeable in the whole process. Brad has been great to work with, and always gets back to us quickly to answer any questions, get "commitment to finance letters" out to the brokers, and just to lend his knowledge on DVC in general. There rates are O.K. , certainly better than Disney. They only finance for 5 years, which is perfect for us, but if you want a longer term, you may have to look elsewhere. One nice thing about Monera, is you are pretty much guaranteed approval, because they have so much faith in DVC holding its value (in case of a default).
We have yet to go through the whole process with them yet, as we just had Disney ROFR one of our deals, and are awaiting an answer on a second one (hopefully we will hear today).

Good Luck !

 

[schrammalot]

We went with a personal loan through PNC. Timeshare Lending was insane. We would get 10.9% IF we got lucky and IF we had perfect credit scores (ours are high, but not 850). We ended up getting 7.9% through PNC. Check your bank first. They'll put the cash in your account so you don't have to pay the "financing" fees. I know Timeshare Store charges about $250-$300 if you finance.

 

[Tigger1]

Thank you to everyone that has already responded.

The reason I do not want to refinance home is its almost paid off. "I did a home equity for my first DVC and then to remodel the home a few years back. I would now like to have it paid off.

I was looking into the three companys that Timeshare store mentions. I was not aware that they charge a you if you finance to one of these companys.

What is a PNC loan. Is it from your bank? How long do they take to get usually? My last home equity took a couple months.

 

[supersnoop]

Do you have a car loan; or a car worth anything? Many credit unions will refinance a car at 1.5%-2.5% these days. I wouldn't normally recommend a secured loan over an unsecured loan, but the difference between 1.5% and the 10% that most timeshare lending services offer is pretty significant.

Those timeshare loans are unsecured, right? I think they're personal loans and not liens against the real estate contract.

 

[bdrobet]

I just spoke to my credit union about a loan and they also recommended the auto equity loan. 1.99% vs 8.25% for an unsecured personal loan. BIG difference and worth looking into if you have a car with equity.

Brian

 

[schrammalot]

PNC is just the name of a bank. It's a personal loan we got in order to swipe this contract up.

I would never put a loan out on my car, but that's just me.

 

[ace21]

We were able to take a loan from my DW's 401K. All the interest that we paid was paid back into our account. Loan processing was about a week.

 

[Jennasis]

We were able to take a loan from my DW's 401K. All the interest that we paid was paid back into our account. Loan processing was about a week.

US too. It was super easy and a win win!

 

[tlh]

We used our credit union as well and got an unsecured loan with the lowest interest rate that was available. We paid it off early and barely paid any interest, so not bad.

 

[Syndrome]

Syndrome---$50-$11,000-220-HHI-Dec- 21/'13, 220/'14, 220/'15 sent 3/13 waitingOne nice thing when going with a DVC lending Co. (or even directly through Disney) is that it does not show up on a credit report. I think most other means of financing a DVC property will affect your credit worthiness (outstanding loan).
Just something to think about.
We are going with Monera for our new DVC purchase, but will be paying if off early, so the interest rate is not a big deal anyway (at least for us) .