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Updated over 4 years ago on . Most recent reply
- Rental Property Investor
- Salisbury, NC (Charlotte area)
- 5
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- 39
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Can I sell my 1st lien position on a portfolio of rental properti
As a private lender, I invested in a portfolio of rental properties (6 SFH and 1 Duplex) where the partners are paying me $3,286 per month in interest. The original intent in this investment was to allow the property owners (business acquaintances of mine) to acquire and perform light rehab on four of the properties then refinance and cash me out.
This was all set to happen when ShareStates, the refinance party, shut down lending in early April. Now, it appears that refinancing will take potentially several months for lending to open up AND/OR several months for a community bank to process.
I have two other investments I had planned to invest in and this is now holding me up. Can I sell my 1st position to another investor who is looking for a short term investment at 14% interest understanding the property owners are refinancing in the near future? If so, how would I go about that please?
Thank you.
Tom Murphy