Need a very NOT risky real estate loan with high DTI
OK, I have a situation in which I need to pay someone off to remove them from the title of real estate. Basically I am currently building a large steel building, putting living quarters in it, and moving there. I will then sell my current home in which I currently have a mortgage at 56K.
The building I am building alone would appraise for 150K, and the land was just purchased 2yrs ago for 120K so lets assume at least 250K appraisal.
I will own the land and building clean and clear.
After completing the construction and moving there, I need a loan for about 60K against the property. The issue is unless a banker can see this as a wise investment, they would deny me as my DTI is high and my income on my returns is not that high.
I have never defaulted on anything and pay everything. However my score is only a 700 because of my use of credit cards for investments. However, I use them wisely and play the zero interest games, not 20%!
The property is ag property and I believe the ag dept may be able to do a loan for "ag" but they are a SERIOUS PITA. I would rather get a loan traditionally but I need to figure out what angle I want to attack this. from my perspective, my god, 60K against a property worth 250K?? how is that risky at all? Who cares if I can repay??