HI, Single-Family, Refinance, $160K, 575 FICO, 60% LTV
Posted on 4/15/2016 3:11:36 PM
Is this something you might consider?
HARD MONEY LOAN ON HILO HAWAII RESIDENCE
My wife is looking for a one-year loan to replace a one-year loan that is coming due.
The thought was that she would sell the home within one year. She bought out her brother of his 50% inherited share. But because of increase in values in Hilo Hawaii, we wish to retain the property and Re-finance this note for another 12 Months.
Here are the challenges:
My wife is 72 years old and has a very small income from social security.
EXIT: I am involved in putting a very large business transaction. It is a Real Estate Investment Trust, a REIT, in the Office building Sector. We are about 90-120 days from going active as a Private REIT.
At that time I will receive a large amount of Private stock in this company along with a substantial employment package.
After that happens I plan on either selling some of the stock, or pledge stock to borrow the funds from a bank to pay off this new note.
I could guaranty the new note. However cannot be on the home as titleholder at this time. The reason is that all the REIT documents have been prepared and submitted,. Our attorney has stated that if I went on title at this time that we would have to pull back all paperwork and submit our entire transaction all over again. The costs would be prohibitive.
Should for some reason this not come to pass, she would list the home for sale early enough to sell and close by the end of the one year due date.
Therefore, I am looking to find my wife the following type of transaction.
Type: Hard Money First Trust Deed Loan.
LTV: 60% based upon 2010 numbers. Reid E Choate and Associated, LLC of Pahoe Hawaii did an appraisal in April of 2010.
The value was $267,700.00
Term: One Year
Use of Funds: Pay off existing Note, Closing Costs and points.
Single Family Residence.
57 Kupulau Place Hilo, Hawaii 96720
Year Built: 1964
TMK # (3) 2-4-044-010
FEE SIMPLE LOT. 14,983 SF Irregular
Home is 924 square feet, Five Rooms, Three Bedrooms, Living room, Dining/Kitchen, and One Bath. With Enclosed Lanai 320 SF, Storage/Bath 160 SF, Covered Deck 96 SF, Detached Garage 460 SF, Detached Storage 252 SF.
Copy of appraisal with pictures is available.
Thank you for reviewing our request.
Contact Dave: email@example.com