Posted by John Corey on May 13, 2006 at 06:23:38:
Phil,
I will send you email so we can go over the specifics. I am an OR and WA loan officer besides having a long history as a RE investor.
What is the exit plan on this deal? Are you expecting to hold long term? If so are you still looking to see some land as you were trying to do? I note that you said this is a back up plan.
Putting a second or blanket on your primary residence is an obvious risk so clarifying how you want to make this work is mostly what I am asking.
John Corey
Paying 30% Second Trust deed on Ocean front home - Posted by Phil Pelletier
Posted by Phil Pelletier on May 12, 2006 at 15:19:22:
I have a home under contract near the beautiful Oregon Coast. My deal to sell some land fell through so I need to have a back-up plan/advice to borrow the down payment. Looking for private money person who will lend $130,000. I’ll pay 30% yield, 12 month loan, $100,000 equity cushion in front of this loan. Will collateralizing another property with $80,000 in equity (my own residence) help to secure the loan?
$130,000 loaned returns $169,000 12 months later.
Ocean front places are disappearing. Need advice on how to save this deal. Solid investment potential with protected return.
Any ideas? Phil 503-709-8184
In Oregon/Property in Washington State