An 11-year member with challenged credit came to us because she was struggling to make payments on existing debts, desperately needed to complete repairs on her investment property, and had to bring her property taxes current. One of the debts she was struggling with—and that we paid off with this loan—was a $6,000 Small Business Administration loan.
The member was willing to use her investment property, which she has owned for five years and currently rents out, as collateral. To truly help her get into a better financial position, she needed $30,000. The property is a duplex, with only one unit currently rented. She needed to repair the other unit so she could rent out both units and increase her income.
Even though this member was struggling with other creditors, she has always paid Michigan First on time. This loan allowed her to pay off most of her unsecured debt, bring her property taxes up to date, and access the much-needed funds to complete necessary repairs on the investment property. Ultimately, we saved this member nearly $400 per month while resolving all of her pressing financial issues.
Not only did this loan help a small business owner in the city of Detroit, but it was also used to improve a property in a low-income area that can now be fully rented, helping to further revitalize the community.
