Charlotte, NC · Member since 2016 · 35 posts · 7 votes
Hello BP universe I am reaching out to find anyone that can help my church that I have been a part of for 17 years help in refinancing out of a predatory loan situation. There is no legal recourse that we know of because it was an owner financed agreement. Long story short the original owner is deceased and the heirs are calling the note. We have paid a considerable amount and would like build on the 13 acres in the near future. The amount that needs to be refinanced is about 50% of a appraisal that was done on the land a few years back. If you can help please let me know. Thank you in advance we are open to sound advice as well..
Financial Advisor · Stephenville, TX · Member since 2016 · 163 posts · 85 votes
8y
Ivan what have you tried for refinance? Has a bank looked at the situation? I'm curious what a traditional bank would tell you, seeing as the amount that needs to be refinanced is about 50% of a appraisal that was done on the land a few years back. The bank I have my business account with prides itself on helping just about anyone get a loan. Not the cheapest loan, mind you, but still a good product for where that individual is financially.
Most heirs I meet with as a financial planner only care about money, so I'm not surprised they're treating you like this. I'm just surprised you haven't been able to refinance traditionally yet.
Charlotte, NC · Member since 2016 · 35 posts · 7 votes
8y
@JJ Conway most banks we have talked to as far as my knowledge goes is they are looking at how many family units we have. So I thought I would reach out on BP and get other options that may be a little more equity based. A company/lender that may take a less traditional approach to analyze our situation.