Financing Question
Here is the situation. I’m in escrow a larger MH lot that has already been split into two parcels. It’s going to be a good deal. I plan on getting rid of the old SW and putting two DW on the two parcels. Pencils out great and should not be any issue
However, my issue is that I don’t have the capital to close the escrow. My original plan was to borrow against one of the other two deals I have that are further along in the process. One deal I just set the DW last week, so it’s hardly in any shape to have an appraisal come out high enough to do me any good. The second project is finished and up for sale, as of Monday this week. There is more than enough equity in that one to completely fund my escrow.
The bank either will not lend because of seasoning issues or will lend but wants a prepayment penalty. I sure hate to pay a prepayment penalty for this home considering is should sell and close within the next 90 days.
Any suggestions?
whatever happened to your deal??