Looking for 3rd party/private Investor
Description
Currently Seeking 3rd party private lender to assist with debt consolidation/second mortgage.
I am looking to borrow roughly 200,000$ for purposes of refinancing/consolidating my debts in the way of a second mortgage.
I have a salary of roughly 120,000/year, a property valued at 850,000 and 450,000 in my primary mortgage.
I would like to considerate roughy 180,000 of secured and unsecured debts and wipe them from my credit, for the purposes of quickly fixing my credit and cash flow situation. With the intention of refinancing to a mortgage with a primary lender within 6 months.
Asking for 200,000$ between 7-14% interest, for a 6 month term, monthly interest payable in full at time of funding, fully securing the amount on title, as second right under scotia bank.
If after 6 months I am not able to secure another lender (primary bank) to refinance both mortgage to one, the right of purchase of the property would fall to the lender that takes this offer. Essentially giving them the option to purchase my home at 650,000 and acquiring the 200,000 of equity that I have in the property.
Motivation for doing this:
I believe it is currently a bad time to sell, and that due to the circumstances I would have to sell well below market value, I would like to stop any further degradation of my credit and start to rebuild it immediately. I believe in 6 months I could easily be approved for a single primary mortgage and be back on track after interest rates pivot.
For any lender considering this, you would be 100% risk free and backed by the real estate of my property. You would make 10-15000$ in interest for loaning out 200,000 for 6 months, and if I fail to pay out the 200,000 in the next 6 months you would be able to cash in on my mistake by acquiring the 200,000+ of equity available in my home currently.
Thanks for you time,
Steven.
- Ad Type: Offering
real estate | other
2023-03-24