If you have a large account with an investment or financial management firm, they might be willing to work something out with you using that account as collateral. Give them a call.
Is your intention to live in the house or sell it after building the new home? If you plan to sell, you might be able to find an financial partner. Without a track record of flipping properties it won't be easy, but you might be able to put together a compelling case with a complete plan and numbers. Then ask around your family and friends' acquaintances. Somebody might be willing to back you.
If you plan to live in it and you have enough cash, you can buy and build with your money now and then refinance after you finish law school and have a good income to cover the mortgage payments.
The only other way to do what you want is to have the seller finance your purchase. That is done in desperate markets but will be almost impossible to do in Palo Alto. You have a lot of competing builders here, and they have cash.
The asset depletion loan is a great option. I'm working a file right now that is based on giving an individual additional income based on the account being used for asset depletion. If I can be of assistance, please feel free to contact me.
First Capital Mortgage
Direct: (310) 434-1718
Fax: (310) 451-6407
All the best,
April Tavares, GRI, ASP
RealtorÂ®, DRE License #01742179
Free Santa Clara County Market Trend Reports: http://april.rereport.com
The answer below is correct. There are loans for asset dissipation that may fit your needs. I think in your situation a full financial review will help shed light on whats possible. Call me anytime if you need help!
There is asset depletion loan option which sounds like it may be the right choice for you. It would factor in the current value of your money assets as opposed to your gross salary per year. Feel free to contact me with further details.
Happy funding, Rudi
Your age is not an issue, but income can be. If you get a loan the lender will want to know how you are going to pay it back. I would suggest that you speak to lenders who specialize in high wealth clients to see what they say. Absolute Mortgage in Palo Alto is a good source, or perhaps First Republic Bank.
If I were you, I would talk with your personal banker. Someone who knows your financial history. If not, I may be able to refer you to a private loan from an indivisual. Many institutional lenders don't care how much money you have, they go by income and credit scores.
Feef free to call to discuss further. If not, best of luck.
You should talk with a lender. Our lender just got a loan for someone who is unemployed, living at home 20% down on a duplex. Not everyone qualifies so the details of your transaction, income, etc. are unique.