Finance Solutions for 20+ acres in N. Texas

[Ryan Stevens]

Hey Everyone,

My dad and I are interested in purchasing a 20+ acre piece of land in North Texas and are having issues with financing for the $250k sale price. We're cash poor at the moment and don't have the money to buy it right now.

All together, we own roughly $4M in properties outright. Some is land, some is my Dad's home, and a few other single family homes we are flipping. We have a $700k flip coming up for sale next week, which once it sells we could easily allow us to purchase the land with cash proceeds. 

However, we are currently under contract on the 20+ acre property, contingent on my Dad obtaining a refinance on his home. He has been semi retired for the last 4 years and it is not looking good on the refi right now due to his heavy income drop.

What suggestions/referrals do you guys have for this situation? We're open to any options that would net us the $250k needed to buy the land. We would prefer to have this deal closed before the $700k flip house is sold. We're nervous that the deal could fall through and have to walk away if we don't get financing soon. 

Thanks in advance for any advice!

[Ryan Blake]

@Ryan Stevens You can get a bridge loan or some other short term financing but you are going to play a lot for it and they are all going to require at 70% LTV so you would need $75k on top of paying upwards of 10% interest on it.

Maybe @Andrew Postell has a product he could help you with. He is a great guy that does well with offering a wide variety of products.