Need a small loan to buy out a family member on a piece of property in California. Property only values at 35k and I only need 50% of that for a buyout. I understand there will be high points and fees.
Anyone familiar with a lender that will loan this small amount on real estate?
What kind of credit card limits do you have? If you can put it on a credit card and then pay it off as quickly as possible - or do a credit transfer to a lower introductory rate, then you can get the money you need with no closing costs and perhaps as a lower interest rate.
Credit Cards are a viable option to fund this…also consider private IRA money in exchange for a first mortgage to secure the investment. In addition, with a 50% LTV, most any bank will offer a new money purchase 1st mortgage…even if your credit is average in that the security interest with a first mortgage will satisfy a mortgage company.
Hope this helps.
Rob
The problem is that this is a bad credit situation. I know what it was like to have 40k credit cards. Before the recession I could have done this myself.
Unfortunately, I need a private lender and since it is such a small dollar amount no one in traditional circles wants it. For the money being borrowed it is a good deal percentage wise.
Then you other options would be a personal loan (which poor credit that could be a problem) or a hard money loan but the cost of these loans are very high and they are also short term. How about making payments plus interest to the person you are trying to buy out.