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Old 09-06-2009, 12:44 PM
 
Location: By the sea, by the sea, by the beautiful sea
68,299 posts, read 54,213,280 times
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I sold a house I'm holding a note on which comes due in 18 months. I've found a property I'd like to buy, I'd like to use the note as collateral to borrow less than half the final value for 18-24 months, bank says no go.

Anyone have suggestions?
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Old 09-06-2009, 01:34 PM
Status: "Open for work" (set 9 days ago)
 
Location: Just south of Denver since 1989
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You'll have to use something else. Like money.

It's likely the lender will not consider the income from the mortgage since there is not a whole lot of "life" left.
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Old 09-06-2009, 07:21 PM
 
Location: By the sea, by the sea, by the beautiful sea
68,299 posts, read 54,213,280 times
Reputation: 40623
Quote:
Originally Posted by 2bindenver View Post
You'll have to use something else. Like money.

.


Uh, if I had the money I wouldn't be looking for a loan with the note as collateral
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Old 09-07-2009, 04:41 AM
 
1,465 posts, read 5,138,980 times
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There is a market that will buy your note, discounted of course. But it will give you cash. Only you can decide if the offered price is worth it.
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