Updated about 9 years ago on . Most recent reply
Disposing a private loan
Hello BP Community,
We have a rehabbed property on sale and the buyer has money to put down 10 to 15% as a down payment but he does not has a very great credit score. So banks denied him the loan.
We are willing to be a bank for them with 15% down but we also don't want to stuck with the loan for long term, not more than a year.
How do we dispose the loan to a another party - bank or lender - so that we get our money and don't stuck with the loan for 30, 15 or 10 years? Is this even possible ?
Please, some thoughts ?