Looking for refinancing options that will allow partial releases
I have a large parcel of land in southeast TN that I purchased to build an RV park but I have about 100 acres more than what I need. I have a owner carried note that is around $800k (the property is worth $3.5m to $4m and I wanted to subdivide off some of the land. If sold in smaller tracts the land is worth almost twice what I paid for it not counting the RV park park of the property. The issue I have ran into is the previous owner will not give me partial releases. I have a few parcels sold but he wants it all paid off so I am looking for some options to refinance the land that would provide some flexibility in being able to sell off lots.
Has anyone had any luck with this type of financing?