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Old 09-23-2010, 08:21 AM
 
1 posts, read 3,192 times
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Does anyone know if it is possible to get a mortgage for a parking spot? One became available in my building and I want it...$35k
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Old 09-23-2010, 11:49 AM
 
Location: Planet Earth
1,078 posts, read 2,771,720 times
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Personal loan maybe. I doubt anyone would do a mortgage on a parking spot for a number of reasons.
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Old 09-23-2010, 01:57 PM
 
Location: Plano, Texas
1,676 posts, read 6,332,679 times
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If you have good credit, go to your bank and ask for a personal loan.
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Old 09-23-2010, 06:28 PM
 
Location: MID ATLANTIC
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Ditto, this is not a real estate transaction, even though it does involve a small piece of the world.
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Old 09-23-2010, 06:43 PM
 
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You can if it is a legal real estate transaction like you get a deed for the physical land or some type of legal condo or co-op real estate transaction. Don't expect homeowner rates and terms. Look at commerical real estate lenders.
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Old 09-23-2010, 07:52 PM
 
Location: MID ATLANTIC
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Quote:
Originally Posted by PacificFlights View Post
You can if it is a legal real estate transaction like you get a deed for the physical land or some type of legal condo or co-op real estate transaction. Don't expect homeowner rates and terms. Look at commerical real estate lenders.
Of course it's real estate, but it's not something anyone is going to lend on. The OP would have much better luck finding a personal loan than finding a secured parking space loan.
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Old 09-23-2010, 10:03 PM
 
4,919 posts, read 19,120,969 times
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Quote:
Originally Posted by SmartMoney View Post
Of course it's real estate, but it's not something anyone is going to lend on. The OP would have much better luck finding a personal loan than finding a secured parking space loan.
That is true, being able to get a loan vs. getting a loan is worlds apart. On Hawaii, land loans are common but only 1 bank and 1 credit union offerd land only loans for parking spaces in Honolulu. The rate was something like 3% above real property loans, was only for 10 years or less and an LTV of 50%. They also required it be a fee simple with its own TMK (individual taxed property) or under a condo property. I was lucky the company finally bought it for our use and not me personally.
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Old 09-24-2010, 09:03 AM
 
Location: MN
761 posts, read 2,958,421 times
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Crazy... I suppose though, parking spots can be rare in places.
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