What's The Best Play for 450k?

PsiMan · #1 (**permalink**) 08-30-2008, 05:12 PM

Need 450k for short term deal (2 years).

Have $4 million in equity on a farm property in Maui, Hawaii. Another million in equity between 2 property's in Wash and OR. Looking to purchase another property on Oregon Coast. Who can fund this for 450K using the existing equity of these property's. Currently there is no existing mortgages on any of these properties. Stated or no ratio loan option only.

InfiniteOne · #2 (**permalink**) 09-02-2008, 08:26 AM

There aren't many more lenders doing stated or no ratio/no doc and as of Sept; Fannie Mae will be doing away with stated loans all together. Is it possible for you to Cash Out on one of the existing properties and use the funds for this next investment?

PsiMan · #3 (**permalink**) 09-02-2008, 08:36 AM

can probably cash out within a year, but need interim financing for this wonderful new property deal. The equity is certainly not an issue.

RedlineCommercial · #4 (**permalink**) 09-05-2008, 08:42 AM

PsiMan,

I could help you get a quick hard money loan against one of the properties you own. From what you mentioned above, it seems like it wouldn't be that hard. Email or call me if you want to discuss it more.

Marshall
mmorris@redlinecommercial.com
7142716572

PsiMan · #5 (**permalink**) 09-05-2008, 08:47 AM

i guess the question is of course at what rate? i will email you. thanks.

Wilson Acosta · #6 (**permalink**) 09-18-2008, 09:02 AM

There are several different ways to get this deal done but I will need more information. E-mail the whole scenario including credit scores at W.Acosta@GMCmtgCap.com and I will see what is the best way to structure it.

Wilson