Updated over 7 years ago on . Most recent reply
Need Loan Against Owned & Unencumbered Property- Unique Situation
I'm assisting a family friend in tough situation. I hoping to find some suggestions on where he can get this type of loan?
The situation:
Elderly retired homeowner in jail on serious charges.
Upstanding businessman, never in any trouble before.
Located in state of Oregon.
Owns a farm outright with a sale value >$900K.
Needs short term loan (6-12 months) equal to about 30% of property value to bail out, mount his legal defense and prepare the property for sale asap (target sale timeline of <6 months to pay back loan).
This person has great credit, but very low income (SS income). So requires a no payment loan.
Problems I've come to understand as to why some lenders are not interested: This is an owner occupied property. Need no payments during the short loan period.
Where can this type of hard money loan be found? I've searched high and low, but have no experience on where to find this. I would expect terms to be unfavorable, but the situation is what it is. Any direction in finding such a loan is much appreciated.