I am in a bit of a bind and need some guidance from the experts! I own a commercial property free and clear and I would like to take the equity out of it to purchase a residential investment property. I am looking for a lender in Pennsylvania to help accomplish this. I’ve been on the phone with banks all week trying to find a resolution. The residential property I want to purchase is my old neighbors. She passed away and an auction took place and I won. The property is worth around $250,000 and I am only paying $110,000 for it. Easy profit! My commercial property is worth about $500,000, but the banks don't want to lend me money on a commercial building! If I don't come up with the money soon, the house goes to the next highest bidder.
Does anyone know how I could pull money out of the commercial property to purchase an investment property in Pennsylvania?
Thanks!
is Pennsylvania in Australia?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
No, is this forums only for Australia?
Sorry, I could have sworn it was posting in Help Needed not Overseas
mjb1023 wrote:No, is this forums only for Australia?No, but I was just wondering which country it is in as you didn’t specify.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Try approaching a second tier lender eg lawyer's trust fund, venture capitalist etc ie someone who is prepared to take a security over something other than residential property.
Why won't your bank use the commercial property as collateral?
Are there no hard money lenders in oz?
Most that I have found are tough as nails Jay.
A means toan end instead of losing the deal. No?
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