I am a real estate agent attempting to sell 130 acres surrounding a senior living facilty. The facility wants to keep 20 acres, and sell the 130 raw acres. The problem is that the bank will not allow the owner to sell off the property. They want the entire $5,200,000 loan paid off. The seller will net $2,400,000 for the 130 acres. The facility and 20 acres has been appraised for $5,000,000. The problem is that the facility has been in bankruptcy protection. They are currentlly profitable and can get out of bankruptcy. How can he sell the land and refinance the $5,000,000 on the facility?
I am looking for a way to help the facilty owner and also make a sale on the 130 acres.

I don't think is to the bank''s benefit to do a partial release of collateral, which seems to have been pledged for the original loan. If they have a mortgage on the land that you want to sell, then you have to play ball with the lender.

Of course, you need to consult with an attorney.