Updated over 1 year ago on . Most recent reply
Private Lending With Negotiable Terms
I’m hoping BP will come in handy for me here. I have a unique situation where an elder lady wants to gift me her house. The only problem is she has a reverse mortgage on the property. So instead of gifting me the property she is deciding to sell me the property for 100k which is what she owes plus interest and that would pay off the reverse mortgage. I’m willing to give a pretty significant interest rate for a private lender who is willing to fund this deal for me. As-is the house is worth about 250k and will be worth well over 300k once rehabbed, but I’m hoping for 24 month loan. I’m happy to chat so we can discuss further. Obviously you would be first position lean holder on the property. Hope to speak to someone soon!