Posted by Marta Grande on January 11, 2001 at 21:25:57:
If I were your friend I would go to my nearest mortgage broker or bank and ask to do a cash out refinance. Most lenders will do a cash out for “investor” at 80% LTV. Primary can go as high as 125% Good Luck:)
Securing a loan on a debt free property - Posted by Mark Cannon
Posted by Mark Cannon on January 11, 2001 at 11:10:29:
I have seller who owns his property free and clear and wants to borrow against it. He needs cash fast. The property is North West of Austin TX, has 10 acres with a 4/2/0 stone and cedar house. It has been evaluated at between 210,000 and 265,000. The seller would like to borrow 180,000 for 12 months,with a 12 month renewal option, is willing to pay 15%, and will put the interest money in an escrow account to guarantee payment. He is not currently employed. His intent is to rehab the property and retail it within a year. What is the best way to market this opportunity?
Thank you in advance for any guidance you can provide.
Mark Cannon email- markcannon58@hotmail.com