Private Investor Mortgage Question

[Kipp S.]

I am trying to figure out if there is a private investor option for my situation.

I currently own a home free and clear that is valued at $235K

I am wanting to purchase a home for around $400K that will appraise for that price.

I have $50K cash to put into the deal. The home that I own can't be sold until October as that is my 2 year mark to avoid capital gains.

What I am trying to do is purchase this home with $50K cash down, use both my free and clean home and the home I am purchasing as collateral.

Then when my home sells in Oct - Dec. apply the proceeds to this loan I have on the home I am purchasing.

To start I would need around $350K or so. My collateral would be $635K in real estate. Then once my home sells the balance would drop to about $150K with the $400K still as collateral.

Is there a deal in there that would appeal to an investor? I could pay the remaining $150K off in 6-8 years and was hoping to have an interest rate of about 8%.