Help with creative deal

Bird Dogs, Wholesaling
1

Hello all…need some advice on a wholesale deal I am working on.

The purchase price of the property is $2,500,000
The appraisaed value of the property is $3,800,000
LTV: 65%
Equity: $1.3 million

I have a buyer lined up for the property…he is willing to pay cash for the deal, but is asking for seller carry of $250,000 for 90 days.

The seller is not comfortable with that option, as they want all their money upfront. The buyer needs to get $250 out somehow to make this deal work.

Can anyone think of a creative solution to make this work? Cash back option maybe?

Thoughts?

2

This may seem like an elementary answer, but why not have him pay cash for the property, then the next day go to a local bank and take a $250,000 equity loan/line? Or better yet, take a $300,000 equity line and use the extra $50,000 to make payments on the line for the 90 days you described. Probably take about 10 minutes of paperwork and cost $100 or so.
Is there a reason this is not reasonable?