I am trying to sell a piece of raw land for 440k and I owe 177k. I have a guy that can put down 50k and wants to do a 5 year balloon. I have outstanding credit score and make 300k a year but only have 30k cash right now due to the plague. I can repay the loan in less than a year and really want to get the property off my books. Who/how would you recommend coming up with the 100k? Previously I used USAA previously for a personal loan for 100k but their new personal loan limit is 5k. Please help.
I always keep some 0% APR Credit cards to pull cash out when/if I need them in an emergent situations... As an investor, it's kind of nice to have that flexibility. I just make sure to have a plan to pay it off as 0% APR with credit cards are only for 1 year and after that the interest rate is horrendous. If you don't have credit cards with 0% Promotion.......If your credit is decent, you can probably find a lot of banks that will loan you money on personal loan.(High interest though like 10%) I would call around.... and don't try to borrow from one bank as your gonna have hard time finding one bank that will loan you that much of unsecured loan. I would just borrow from couple banks. Credit unions are usually alot easier to work with. Personal loans don't have closing costs so borrowing from couple banks shouldn't cost you any money.
If you had a house with some equity, the best thing is to open a HELOC....
Do a subject to arrangement. He buys it subject to the existing mortgage ?