Advice Requested: Financing Problem Solving

[Mike S.]

Hi All,

My family has come across a dream property. It has been on the market for over 2+ years now. Property was originally listed at $1.5 mil, now down to $1.12. We are eagerly looking and searching all possibilities to obtain the property. Bank financing, land contract any other methods to think about? Here is our (limited) financial situation - any and all suggestions are greatly appreciated.

Primary Residence -Great Market; Appraised value $425k; could sell between $400 - $450k; mortgage $260k

Rental 1 - Appraised in March 2020 - 600k; mortgage 290k;

Rental 2 - Appraisal unknown between $700-750k; mortgage $200k; LOC - 100k on this property - non outstanding.

On-hand $ ~70k

Im sharing the rental portfolio because I do believe this would be a driver with this deal, however, maybe it wouldn't be and just not problem solving correctly??

What are the paths to get us to the 1mil property without selling our rentals?

Any mortgage lenders out there willing to assist or help guide.

Also happy to share any other info, if needed to problem solve.

Thank you in advance.

M

[Chris Teti]

@Mike S.. I was thinking unsecured business lines of credit. They don't report to your personal credit, but without the revenue, you could probably only get like $50K give or take. Not enough to get you what you needed.