Cash poor but have land
Posted 06 November 2004 - 02:47 PM
How do I borrow against my land? Can I do a no doc? She will be paying me back the monthly payments until I am ready to sell my property then I will most likely pay hers off.
Can I get a loan using my property? Do I just go to a mortgage co and tell them this is what I have? Her credit is poor and I want to help her get a new start, but I am cash poor and land rich so to speak.
Posted 06 November 2004 - 10:51 PM
”Can I get a loan using my property? Do I just go to a mortgage co and tell them this is what I have?” A bank will look for a source of repayment harder than a non-bank lender will, but yes you can get a loan if those land values are accurate.
Posted 07 November 2004 - 09:55 AM
As you may expect I am a bit ignorant in this area.
Would it be wise to just borrow the down payment $ and secure a no doc mortgage? or should I seek to borrow the full price?
Posted 07 November 2004 - 10:20 AM
Which one is cheaper?
Which one gives you the longest time to pay?
How long do you intend to hold the land?
If you answer those questions, choosing is easier, but you need to talk to a lender to see what they offer. In fact, talk to a couple so that you can compare.
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