Posted on: 30th Apr, 2009 06:23 am
What terms are available to fund rehab & litigation costs suit to partition by sale?...I am an attorney representing a 1/2 owner of mutli-family rental property in a rent control jurisdiction. Rent being deposited with housing department. Liens total under $25,000. FMV exceeds $600,000.00. Two structures on lot sharing one garage. Rehab progressing albeit slowly. Property is listed, purchasers interested. Estimate cost to evict squatters, complete rehab and obtain order for sale: $25,000.00. Sale possible in 180 days or less. "Gap loan" desired for estimated time to obtain order for sale and complete transaction.
Hi attyhombre
As far as I know, as the property is already up for partition sale, lenders would not be ready to finance the property. It will be better if your client can look for a personal loan in order to complete the home improvement and also bear the litigation costs.
Thanks.
As far as I know, as the property is already up for partition sale, lenders would not be ready to finance the property. It will be better if your client can look for a personal loan in order to complete the home improvement and also bear the litigation costs.
Thanks.