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Updated almost 8 years ago on . Most recent reply

User Stats

203
Posts
17
Votes
Pandu Chimata
  • Real Estate Professional
  • Glendora, CA
17
Votes |
203
Posts

Disposing a private loan

Pandu Chimata
  • Real Estate Professional
  • Glendora, CA
Posted

Hello BP Community,

We have a rehabbed property on sale and the buyer has money to put down 10 to 15% as a down payment but he does not has a very great credit score. So banks denied him the loan.

We are willing to be a bank for them with 15% down but we also don't want to stuck with the loan for long term, not more than a year. 

How do we dispose the loan to a another party - bank or lender - so that we get our money and don't stuck with the loan for 30, 15 or 10 years? Is this even possible ?

Please, some thoughts ?

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