need $25,000 fast for balloon payment (cannot access equity in other houses in time)

[needmoney]

To whom it may concern:

I have a house for which a $25,000 balloon payment is coming due in the next few days. I own six houses outright (no mortgage, liens, or notes of any kind due) (seven after the balloon payment) but I cannot access the equity quickly enough. I was going to pay the balloon with proceeds from a house that I was selling but the buyer backed out. If someone can loan me the $25,000 in cash I will pay the balloon with it and then pay them back once a house sells. The house the buyer backed out of I was selling myself but I currently have another house listed for sale through the MLS system for $69,900 that I can use as collateral (which I own free and clear). I am willing to pay $1000/mo interest on the money as it will be a short term loan. You will never get this kind of deal again (at least not from me).

You can view the house which I am selling through the MLS system at http://tinyurl.com/8yahd

If this interests you please let me know (*even if for some reason you need small modifications to the deal). If you have another suggestion for me I would be happy to hear that as well.

Thank you for your time.

[SlumLordMike]

If you really own all that the bank should be begging you to refinance. A balloon extension takes about an hour with a decent loan officer.

[needmoney]

Greetings Mike,

Thank you for the advise but I do not owe the balloon to a bank so I cannot extend it with them. I owe it to the previous owner. The previous owner will extend it but wants to charge me $5,000 for 6 months. I don't need the money for six months so I would much rather work with somoene who would loan me the money for say $1000/mo until I could get this other house sold and save a few thousand.

[SlumLordMike]

Oh, I see. In that case, I would still go to the bank and refinance one of your houses, preferably the one you are selling. That would be cheaper than the previous owner's terms plus when you sell you can pay off both notes and use the cash out to buy something else if there is any left. When I want to buy a property with no money down, my banker does what is called as an OE (owner encumberence) against one of my paid off properties. Costs me less than $200. Hope that helps.

[needmoney]

I cannot refinance the house I am selling as I have no mortgage on it. I would need an appraisal and that would take more than a few days alone. I have for the most part been an all cash investor... and if I had stuck with an all cash investment strategy I would not be about to pay the $5000.00 fee it looks like I might have to caugh up in the next couple of days.

[SlumLordMike]

I don't agree. I have refinanced and borrowed equity several times from my local bank without a single inspection. I took pictures, showed what I paid, and showed the county tax appraisal. If you only want 25k against a 70k property, the lenders should be lining up to give you a mortgage. Go hit one of those lenders that promises to hit your closing date or PAY you. If I were you and my balloon was about to pop I'd be hustling the bank instead of the net. :SM017:

[needmoney]

I have already been to the bank and they claim they cannot give me the money fast enough. I am surprised that there are no takers on my generous offer. Perhaps in the future I should sell a couple houses and make short term loans instead of purchasing more property.

[Dan Auito]

Tailor made for you here:

http://www.magicbullets.com/forum/images/icons/icon1.gif Unsecured Loans Available $1,000 - $25,000
If you need funds to jump start your Real Estate Career or Down payment, Rehabs, Reapirs, Closing cost or any other worth while purpose. Unsecured $1000 - $25,000. Minimum credit score 500. Competitive rates and terms. Quick, Convenient, Confidential. All inquires are handled by phone & mail. We lend in all 50 states. To receive a application & details please call 1-514-509-6441 or emcnabb47@yahoo.com and leave your mailing address. And we rush your application to you within 24hrs.

Looking forward in doing business with you,