J asked:
This is NOT a living trust! My family Trust is trying to leverage a small condo but it is hard to find a lender who would lend to a trust. I am certain that it is possible though! The problem is that it is a small loan and the trust already owns some other parcels. This would be part of a 1031 exchange as well.
Every property in the trust is free and clear (two properties and one in escrow)this is the first time we are atttempting to get a loan for the trust. It would be approx 60K on about 200K (30% LTV)
Salley Salvant
This is NOT a living trust! My family Trust is trying to leverage a small condo but it is hard to find a lender who would lend to a trust. I am certain that it is possible though! The problem is that it is a small loan and the trust already owns some other parcels. This would be part of a 1031 exchange as well.
Every property in the trust is free and clear (two properties and one in escrow)this is the first time we are atttempting to get a loan for the trust. It would be approx 60K on about 200K (30% LTV)
Salley Salvant
The other parcels there must be some security for lender.
i can help you, I have done this exchange before
I work with lendres who and private entities who deal with specific unconventinial situations.
Please contact me at 310-867-1462
Tommy
Thanks