Have you had an appraisal done on the condo? I would suggest you submit this question to several lenders.
Is the condo listed with an agent? Is it a short sale or foreclosure? Have you made an offer?

Some other ideas:

You could possibly take out a $40,000 home equity loan on your residence, a second mortgage on another investment property, a cash advance on a credit line, a 401-K loan, a personal loan from a bank, credit union, friend, relative, or business associate.

If you can't do any of these, stop here and work on your personal finances until your net worth allows you to borrow $40,000 unsecured.


Good luck!

I would suggest a local bank and also look at doing a baloon not with the seller.

I recommend that you call Bob Pitts or Harrison Black on the Housing Finance Team with Baldwin Housing Alliance 251-980-2075 or 251-233-3356 to see if they can assist with getting you the financing you need. They are very motivated and creative in this area and may be able to help you.

Possibly a personal loan.??

Your question is confusing. How do you know the property is worth $219K?

It seems like with $100K down and only a $40K loan you shouldn't have any trouble finding a lender, so long as you are putting the loan against the property you're buying. However, I doubt you'll be able to find a bridge loan these days - but you could try. Any kind of equity loans are tough right now, and if your other properties are for sale, you won't be able to do a conventional Home Equity Line.

Perhaps you can get a loan against an retirement account? You can also try a signature loan or advance from a credit card - but you better be sure you're comfortable with the terms. Look not just at the real estate liens you can get, but also other assets you have

You might talk to a lender about a Briege Loan.