Need $315,000 to Buy Out Siblings

[Fred Sams]

BP

Wife and I are trying to purchase the home of her recently deceased parents. The home is in a family trust, and has a comp value range of $438,000 - $450,000.

At this point the siblings want to cash out of the property for $350,000 if it can happen fast, as opposed to waiting to sell on the open market. This is ideal for us as well as the property can stay in the trust and avoid reassessment.

I am also getting pre-qualified for VA no down. Our credit score tri-merge is 702. Conventional financing will take to long and the price will go up.

Property is free / clear, and is move in ready with no major cap-ex looming surprises. The property shows as a 4 1 ½

I have confirmed the additional rooms and bathroom were in fact permitted. This deal is a strike while the iron is hot.

The exit strategy is to hold the property, as my wife and I are finalizing our vendor license to provide a Residential Care Facility. So this 5 bd 2 ½ bath SFR would be perfect for our 1st facility initially moving in.

I have the collateral documents to support interest.

Need to fund quickly, anyone with the ability to fund, and fund quickly is welcome to contact me.

Thank You! 

[Rick H.]

This has been my primary business for 25+ years. 

It's my opinion that you will not be able to find the financing you wish in one step.

We used to be able to broker a conventional loan for a well-qualified borrower to banks whereby they used their equitable share of inheritance in lieu of down payment. That went away in the Great Recession of 2008.

What we do now is make loan 50% LTV loan to the trust or estate to get other beneficiaries some of their money and the property gets distributed subject too our probate (or trust) fiduciary mortgage.

While expensive and ate rates at it above 10%, it does allow you to accomplish your goal. Absent this appriach, you will knock yourself silly trying to make a square peg (loan) fit into a round hole. Good luck and hope you get the house.