Hello, I have the ability to work with a lender who is able to do a cross collateralization mortgage for two single family properties – one in LA, one in AL.
In this scenario, I will take 20 – 25k equity from a free and clear Louisiana property worth 75k. Then apply those funds toward an 85k – 100k Alabama property purchase. So: We’re looking at ‘up to’ 100k funds being funded, all in all. My exit is Buy and Hold.
- 5yrs at 8% interest only.
- I’ll pay balloon from cash reserves at the end OR refi out prior to loan maturity.
- Funds will be secured by promissory note and mortgage. Lender(s) will be in first position and listed as additional insured, just like the bank.
Let’s connect over Zoom and see how we can add value to each other. Please message if you will to connect.