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Luke H.'s profile image
Luke H.'s profile image
Luke H.
  • Real Estate Investor
  • from Dallas, TX
  • Member since Dec 16, 2013

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Luke H.'s profile image
Luke H.'s profile image
Luke H.
  • Real Estate Investor
  • from Dallas, TX
  • Member since Dec 16, 2013
Luke H.
  • Real Estate Investor
  • Dallas, TX
174
Votes |
388
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Private Lending & Conventional Mortgage Advice

lending money 70k |10% return| 6 months| 100k collateral

Luke H.
  • Real Estate Investor
  • Dallas, TX
Posted

Hello all,

I am needing some help with an offer. Someone wants to borrow $70,000 for 6 months at a 10% interest rate. The collateral is a lot, according to the tax record the lot is worth $100,000.

Advice, suggestions, feedback.

Any help would be great,

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Tom S.'s profile image
Tom S.'s profile image
Tom S.
  • Real Estate Investor
  • from Burlington, VT
  • Member since Feb 4, 2010

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Tom S.'s profile image
Tom S.'s profile image
Tom S.
  • Real Estate Investor
  • from Burlington, VT
  • Member since Feb 4, 2010
Tom S.
  • Real Estate Investor
  • Burlington, VT
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Tom S.
  • Real Estate Investor
  • Burlington, VT
Replied

@Luke H. Get the lot appraised to find out the FMV (not tax value which can be quite different). Even if it's worth $100k, that's still dicey. I'd take $70k in cash over a $100k lot any day. Lots aren't always the more liquid things to move in a hurry.

Good luck!

- Tom

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