Asked 7/20/2009
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Can someone tell me how collateral loans work or secured loans? I own four condo properties outright. I plan to put three units up for collateral. I need to know if there are any fees or interests attached to the loans? If so, what is the going interest rate for collateral loans? What are the kinds of fees to expect? |
Answer 1/1 - Submitted 7/20/2009
Collateralized loans are similar to mortgages. The property(ies) you are pledging help secure payment of the loan. Your best bet is to get your properties appraised by an appraisal company then shop around for loan rates. Fees and rates will vary by lender.
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