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    3 Replies Latest reply on Sep 4, 2014 2:56 PM by Ray Higgins

    Creative Financing with Private Owners

    papa gator Adventurer

      I have acquired most of the properties I own with the homeowners financing the mortgage. The manufactured homes are so old and getting shut down because of condition and I am now getting into a bad financial situation. I own most free and clear and could use the lots as collateral to consolidate all outstanding debts so the renting would not be necessary. My income would be enough to pay the mortgage and related expenses easier than what exist now. I cannot get any financial institution to help us. I have sent my inquiries through the Bank of America message center and only get numbers sent back that is to people who have their hands tied up. I need help and am at a loss as to how to proceed. Back property taxes can't be paid because I have been losing the income that once covered them. Now there are vultures pushing on the door to keep it closed for me to get help. If I wasn't in the lucrative location for a business I would not have this much trouble. It is like a dome of shame is over me. Well something like that.

        • Re: Creative Financing with Private Owners
          Ray Higgins Adventurer

          I had a small business and when times got tough I walked into the bank and spoke to the bank manager.  It doesn't sound like you have done that yet.  If one bank won't help, go to the next.  I went to four before I found one that was accommodating.

            • Re: Creative Financing with Private Owners
              papa gator Adventurer

              Ray, How long ago was that? I spoke with a company that said December 31,2013 things got changed on guidelines and it has shut down loaning to people with land. If my land was somewhere in the boonies I could see the reason. I'm located on a very lucrative area of Tallahassee. I say the area is looking to take my places from me because of my location. I don't buy to sell. I need the help and no one wants to help. I have been in all the local banks and credit unions. No can do is all I hear. Thanks

                • Re: Creative Financing with Private Owners
                  Ray Higgins Adventurer

                  It was back in the late 90s.  If the local banks don't want to help, go to the next county, next state.  If there is a local mafia or someone trying to take over your land, then look elsewhere.  Or, better yet, find a good lawyer.

                   

                  I have a masters degree and thought I knew everything when I tried to get a line of credit for my business.  I was rejected a number of times.  Then I found someone who helped businesses get lines of credit.  She had worked at a bank and knew what she was doing.

                   

                  She had a completely different approach and did research to find comparable businesses, etc.  She established the value of my business and then when the loan happened it was for more than I had expected.

                   

                  Or, how about Quicken Loans or somebody like that?  Somebody national.