Need mortgage for primary home. Interesting Scenario - Charleston

[Bryan Hughes]

hello all,

I presently own a mortgage on a piece of land in Charleston, SC that I owner financed to a buyer almost two years ago. He is presently 60 days out from finalizing his refinancing and closing out his mortgage with me. However I have found a home that I want to make my primary home now and I need that cash for the downpayment. The traditional mortgage companies are not going to view my mortgage note of $78k as cash already in the bank and therefore I can't get approvals until that is liquid. Problem is I don't want this opportunity to pass by as I have found THE house I want to settle down in Charleston with. So therefore I'm looking for some creative ways to get this done and I feel like this is the best community to make that happen. Here's our scenario at a glance.

Mortgage note that I hold - buyer has 78k remaining, he is also paying interest only in the amount of $255 monthly. He is closing on new financing now but is still 60 days out. His mortgage term ends Februrary 2017 in which the entire principle is due or else I get my land back.

My financials - i am self employed, two years of tax returns over 100k, debt to income ratio is very good. I have no debt. Presently renting with 80 days left in lease - monthly rent is $2000. Credit scores are low - around 615 to 629 depending on when you pull. Aside from the mortgage note I have about 30k in personal assets including 10k in savings. I own a logistics business that is also presently valued at around 750k but that doesn't have a bearing on the banks decision.

Property I wish to buy - asking price is 445k - it's a townhouse with marsh frontage on three sides and city skyline views, supreme location. 3br 3ba built in 86. Good HOA that handles all exterior maintenance and HOA is putting new roof on in October. Ideal location to my business and this is the place I plan to live for at least the next 10 years.

So that's my predicament - any suggestions or help is very much appreciated.