An easy problem with a complex solution (finding 95k)

[John Brogan]

Hi everyone, I thought I would share this question with you pro's to see if you have some ideas for a solution....  I own some land that just appraised for 525k, has a 95k note on it and I am closing on a house on Aug 30th that requires $360k cash at closing.  I already have the mortgage commitment on the new home i'm purchasing and I have a bank that is lending on that land (at their max ratio) which will perfectly cover the cash at closing. All is good.

 However.... I need to borrow 95k from somewhere to pay off that note on the land.  Simple so far.

I also own a house that just went on the market (moving to the new home) for 1.75M and has a first+second balance of $1.14M. Absolutely nobody wants to lend 95k and take third position on the house (I understand) and I can't borrow on the land because the bank is already set to lend with a max LTV ratio loan. I'm stuck. It seems easy but I've talked with hard money lenders and they all want first position on the house, and the bank says don't make waves at this point as they have everything in perfect order ready to close and the loan is big enough for them to be ultra careful. I have a business that has been spinning off very healthy profits yearly (about 51% net on 2mil) and that has helped me cover all the reserves required for carrying both mortgages.

So..  what to do?  I am happy to secure the 95K against a 3rd position in the house *and* on the business assets but can't find someone willing to take that offer.  The instant the house sells, this issue vanishes but the catch is I need to close Aug 30th, which means I need funds in about 12 days to get all prepared, give bank the note agreements, get cleared again, and close.

It's an incredibly small deal (95k) but the spot I am in seems kind of tricky and the clock is running out.  Any ideas?

Thanks!