Hoover AL
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Alabama Lenders > Hoover

This page was last updated July 2018

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Fair Credit Lenders in Hoover AL

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AlaTrust Credit Union
1810 Merchants Dr Hoover
AL 35244 - 205.581.8800
www.alatrustcu.com

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Avadian Credit Union
4720 Chace Cir, Hoover
AL 35244 - www.avadiancu.com
205.985.2828

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Legacy Community FCU
1920 4th Ave S, Birmingham
AL 35233 - 205.930.5000
www.legacycreditunion.com

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APCO Employees Credit Union
750 17th St N, Birmingham
AL 35203 - www.apcocu.org
205.226.6800

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Avadian Credit Union
3439 Colonnade Pkwy
Birmingham - AL 35243
www.avadiancu.com
205.967.2993

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Wells Fargo Bank
1600 Montgomery Hwy, Hoover
AL 35216 - 205.354.1020
www.wellsfargo.com

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Regions Bank
1849 Montgomery Hwy, Hoover
AL 35244 - www.regions.com
800.734.4667

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PNC Bank
2720 John Hawkins Pkwy
Hoover, AL 35244
www.pnc.com
205.421.2560

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BBVA Compass
5576 Grove Blvd, Hoover
AL 35226 - 205.510.7670
www.bbvacompass.com

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Wells Fargo Bank
3089 AL-150 Birmingham
AL 35244 - 205.403.4100
www.wellsfargo.com


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Hoover Lender Service Area Map

Hoover AL 5x5 Loan App Volume

Top 5 Hoover neighborhoods for loan application volume in the last 5 months. Source: WFL Lender Pool. Updated: Monthly.

  1. Shades Crest Road
  2. James Hill
  3. Paradise
  4. Central Hoover
  5. Galleria Woods

Personal Loan In Hoover

Rigoberto wants to get into the real estate investment business. Specifically, he would like to purchase a condo he has come across, clean it up a bit and rent it out.

He has almost enough money for the down payment and is prepared to take on a high ratio mortgage or take on a personal loan.

He has worked through the monthly cash flow for mortgage, taxes, upkeep, management and rental income and feels that he can make this work.

After everything is considered, he feels that it will only cost him $100 a month.

He has $15k to put into the property and needs another $10,000 to complete the deal. He has applied for a $10k loan and plans to repay the loan over four years.

This is a bit aggressive, however he wants to get into a cash flow positive situation as soon as possible.

The condo is currently rented with a good tenant who pays their rent on time and as far as he is aware, the tenant plans on staying in this unit for some time.

He is not budgeting for any vacant time in the unit or any major repairs. This would be considered a personal loan even though it is really part of a down payment towards the purchase of this investment property.

A $10000 loan with an four-year term and 4.7% interest rate for Rigoberto would cost him the following per month:

• Loan Amount (principal) = $10000
• Interest Rate = 4.7%
• Term Length = 4 year
• Monthly Payment = $228.94
• Total Paid Back = $10988.95
• Total Interest = $988.95

As a personal loan, as long as Rigoberto qualifies for the loan, he can use the proceeds for whatever he would like, as long as he meets the repayment terms.

A lien could be placed against the property to provide more security for the lender and qualify for more competitive interest rates.

He has not budgeted for any vacancies. Although he apparently would begin with an excellent tenant, they all move at some point for a variety of reasons.

Sometimes they give notice and in many cases they do not provide sufficient notice for the landlord to find another tenant in time to avoid vacant months.

Often, time is also needed to clean the unit, make repairs and qualify new tenants. He probably should budget for a vacancy expense to ensure that he can handle any cash flow issues that may arise.

If Rigoberto wanted to arrange for a 2nd mortgage instead of a personal loan, he would also need his property appraised to ensure that there is sufficient value in the property to support both the 1st mortgage and the 2nd mortgage.

2nd mortgages also usually come with higher interest rates as well.

Rigoberto will check his cash flow calculations and then update his application for a personal loan accordingly.

Unless something drastic changes he likely will qualify for this personal loan. He has sufficient income and low personal debt and can handle the added payments of this personal loan.

He will need to demonstrate his calculations to satisfy most lenders that the cash flow assumptions he is making will be affordable and risk of default is low.

A shout out to all living in the Hoover Alabama area. If you need a loan regardless of credit, we may be able to help you today.

Sincerely,

Lance Somerset

Lance Somerset founded the We Find Lenders Pool. He writes for WFL on rare occasions just for the fun of it, and to stay current with the content on our web site. His son Andy and daughter Chris handle most of the research and writing.

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Employment & Education Advancement Opportunities in Hoover AL

If you live in the Hoover area, you can use these links to research job and/or education advancement(s).

Job Upgrade: Indeed / SnagAJob

Education Advancement: College / University

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Credit Counseling In Hoover AL

Consumer Credit Counseling Services
Birmingham AL 35244
www.consumercredit.com
205.985.6937


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Birmingham AL Credit Repair Restoration
2746 Summit Pl Birmingham
AL 35243 - 888.715.2400

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Usury Law in Hoover AL

Summary of Hoover Alabama Usury Law(s) / Legal: 6% Contract: 1% above discount rate or Greater of 8% or 2% above prime Judgment: 12% Corporate: Any rate agreed to above $2000.

If you believe any Hoover Alabama based lender charging up front fees or anything else questionable, you can file a complaint:

Alabama Agency for Handling Complaints / State of Alabama Banking Department / Send letters in writing to Arlene Baldwin / P.O. Box 4600 / Montgomery , AL 36103-4600
334.242.3452

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