I'm in the process of selling a multifamily home and buying a piece of land at the same time. The profit I make on the home sale will cover the land cost ($227,500). But of course, the closing will most likely not line up. I have the option of getting a land loan from a local bank here in Massachusetts but don't want to do that if I only need this money for a short time (1-2 months).
Who here has worked with Private Money lenders? What would you recommend I do in this case? Are there private money lenders you would recommend?
Thanks so much for the help!
@Andrew Page There are lots of hard money lenders here on BP that you can talk with about transactional funding.
Instead, why not line up the closing dates for a double-close, of close on the land the day after the MFR? That's the kind of thing I work out for clients on almost every deal.
Hard money putting you in the 2nd place, if things did not work put. HELOC is a better choice. Land loan -I am not a fan of it.
@Andrew Page I agree with Charlie and have the closing attorneys line up both closings. Banks usually don't give you a land loan unless you have history with them and/or a builder.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.