I have $100,000. to put down on a condo. oweing a balance of $40,000. The property is worth $219. where do I?

Asked by Iamamoodychic, Florida Center North, Orlando, FL Mon Apr 27, 2009

go to get a loan until one of my other properties sells to pay the $40,000 off. Lenders do not want to Lender $40,000?

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Dottie Studt’s answer
Dottie Studt, , Gulf Shores, AL
Sat Aug 22, 2009
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?
0 votes
Dan Therrell, , 36532
Wed Jun 24, 2009
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!
0 votes
Barry Lynn M…, , Trussville, AL
Mon Apr 27, 2009
I would suggest a local bank and also look at doing a baloon not with the seller.
0 votes
Tia Stanley, Agent, Williamsburg, VA
Mon Apr 27, 2009
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.
Web Reference:  http://www.tiastanley.com
0 votes
Shelly Brewer, Agent, Laconia, NH
Mon Apr 27, 2009
Possibly a personal loan.??
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Mon Apr 27, 2009
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
0 votes
Dane Drake, Agent, Tuscaloosa, AL
Mon Apr 27, 2009
You might talk to a lender about a Briege Loan.
0 votes
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