Posted on: 13th Apr, 2010 06:18 pm
i need help funding a down payment for a home. appraisal of home is 1.2 to 1.4 million.
purchase price is 1 million. i know the owner builder and he owns the home outright. the home is brand new adn will be finished in a week or two.
the owner/builder wants 400k down and i have 200k. i am looking for a 200k second or an investor. i would even be willing to give the second mortgage lender 100% ownership till they were paid off. its a no lose situation and the safest real estate loan possible. any ideas would be great thanks
purchase price is 1 million. i know the owner builder and he owns the home outright. the home is brand new adn will be finished in a week or two.
the owner/builder wants 400k down and i have 200k. i am looking for a 200k second or an investor. i would even be willing to give the second mortgage lender 100% ownership till they were paid off. its a no lose situation and the safest real estate loan possible. any ideas would be great thanks
Hi joeyscarpellino,
You will have to contact the lenders based in your area and apply for a second loan. It will be the lender's discretion whether or not he would be ready to give such a loan. Getting the loan would depend upon your financial situation, credit score, debt to income ratio, etc. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. It will help you know whether or not you would get a loan.
Thanks
You will have to contact the lenders based in your area and apply for a second loan. It will be the lender's discretion whether or not he would be ready to give such a loan. Getting the loan would depend upon your financial situation, credit score, debt to income ratio, etc. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. It will help you know whether or not you would get a loan.
Thanks
I cant use banks period. I have a ton of cash, but can only get loans from hard money lenders. i found a private lender that will do a 200k second i think. Dont know for sure though.