Hey Community!
Joined a bit ago and have just been lurking to gather information as our business treasury strategy involves private money lending, and we LOVE what Chris & the team teach!
Writing today for the first time for suggestions for a personal matter
We found our family’s dream home, and got it under contract – but in order to do so, we had to do it without a contingency of selling our current house first.
For context, our current house worst-case scenario after selling fees will net approx. $100k from equity, more realistically based on comps and improvements since owning, $120-150k
Now, we find ourselves 83k short of the down-payment on our next property (close date 11/20, which happens to be my birthday) and are looking for solutions.
Our idea was a bridge-loan for a maximum of 4 months, to be paid off with the proceeds from the sale of our house that goes on the market tomorrow.
We are fully prepared to pay current fair market 1yr interest rates of private loans guaranteed, with a paid-in full date of 4 months from now (approx 10k profit) in 4 months, worst case
Does anybody have any leads on somebody who might at least consider a conversation about this?
Is this a primary residence? Private lenders cannot lend on personal homes. Borrowers can only borrow in an entity name. Is this house being bought in a personal name or entity name? If personal it will not be able to be funded the traditional private lending way. Just FYI
Thank you for the clarification, Chris. I appreciate your response.
Yes, it will be a private residence, and I just need to find a way to access our current home’s equity before it sells so we can meet our close-date obligations.
Sounds like it’s back to the drawing board for me!