Home › Forums › General › EHTrust/EHT Topics and Creative Real Estate Financing › newbie question
July 6, 2006 at 8:33 pm #2296
I have an owner who is selling for 330k.
They have a line of credit for 200k with a fixed rate of 6.94.
No other loans.
They said they would be willing to leave the 200k in place.
Because it is an LOC, instead of a mortgage, does that make a difference?
If you believe, you can acheive!July 6, 2006 at 8:48 pm #16716
Methinks it would be better for them to refinance into a closed ended loan.
The reason is that there is no way to shut off the draw ability of the settlor.
BTW, I wanna know who is doing a fixed rate LOC…how did they find those terms?July 6, 2006 at 9:44 pm #16717
If you are one of us, you’ll find a heloc freezing letter in your documentation manual. They can freeze their credit line, eliminating further withdrawals; though with some heloc lenders they can foreclose if the borrower stops using or freezes the line (a tiny percentage…most want the continuing revenue).
Bill GattenJuly 6, 2006 at 9:55 pm #16718
If you are one of us… Bill Gatten
If you’re not, shame on you.
Hey, you know what, that would make a great Elevator Speech.
Reply: “Well, if you were one of us you’d know, wouldn’t you”?July 6, 2006 at 10:17 pm #16719
I am not one of you , however,I will be knocking at your door very soon, Scott. I hope it will be open?
Thank’s Bill. I’ll do a little more digging to find out about the freeze and a little on the locked in 6.94 from Chase.
I see a couple red flags and will post what I find out.
If you can believe, you can achieve!
RickJuly 7, 2006 at 5:20 pm #16720
I’ll leave the light on for you.July 7, 2006 at 8:15 pm #16721
Set Code Ring:
How many ya got?July 7, 2006 at 9:06 pm #16722
How many do you want. I can get options on them all. Show Me The Money!July 12, 2006 at 3:29 am #16723
The original listing said: manufactured home on a foundation.
Upon talking with the owner, it is what the county calls “tyed down”.
I asked if it was real or personal property and she said it was personal property. I guess that makes it a mobile. Is that correct guys and gals.
I’m a little perplexed as what to do now.
I have 2 units.
one 4 bd 2bth manufactured home renting for $1295
one 2 bd 1bth SFR renting for $695
on 1.5 acres
both great renters according to the owner
couples parents ,from the 2bd, tried to buy the property that is listed for $330k but financing fell through.
again we have:
330k list price
190k loan at 6.94%
10k LOC variable
owner wants 250k and will carry the balance.
also, the deed of trust has Chase bank as the Trustee.
Maybe that explains the Credit line?
It looks like I have a ready, willing, and able buyer in the property already.
What does everyone think.
How can I put this deal together?
1 deal= NARS member
I appreciate the comments
If you believe, you can acheive!
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