Pull out equity on 1 to do 2nd deal

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Posted by Valerie (N. CA) on December 07, 2002 at 15:05:55:

I'm looking for some advice. I have a higher end property that has loans of approx $700K and worth 1.2 mil. The owner is in default and wants to pull out money from this particular property to do a deal on another property which has an accepted offer. Now the dilemma, she already has a default situation, so her paying record is not good. There is equity in this property but it seems that it is hard to get to. At first, she wanted to keep the 1st in place ($424,000.00) pay off the 2nd ($282,000.00) and put a new 2nd on it. At this point she will sell in order to make her deal in Sausalito stay together. So now my question, is there anybody out there who will lend to her either on the property she already has or based on the deal that's on the table?

Follow Ups:

• Re: Pull out equity on 1 to do 2nd deal - Edward Nolan (Ohio) 19:48:21 12/07/02 (0)

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: I'm looking for some advice.  I have a higher end property that has loans of approx $700K and worth 1.2 mil.  The owner is in default and wants to pull out money from this particular property to do a deal on another property which has an accepted offer.  Now the dilemma, she already has a default situation, so her paying record is not good.  There is equity in this property but it seems that it is hard to get to.  At first, she wanted to keep the 1st in place ($424,000.00) pay off the 2nd ($282,000.00) and put a new 2nd on it.  At this point she will sell in order to make her deal in Sausalito stay together.  So now my question, is there anybody out there who will lend to her either on the property she already has or based on the deal that's on the table?


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