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Updated almost 2 years ago,
Is it Possible to Get a Loan on a seller-Financed Note
I seller-financed a house to a buyer. The note is for $135,000 amoritized over 30 years at 7% interest. The note originated on 1/1/2022. Buyer has made every payment. The house is now conservatively worth 142,000. Is it possible for me to get a loan on the note? I had some company offer to pay me $103,000 for the note last week. I'd rather a loan against the note to buy another property that I estimate to have a great return. The buyer is dear to me, so I don't want to sell the note and risk a stringent new person foreclosing on her. I live in San Antonio, Texas if that matters. If possible, how much do you think I could get a loan against the loan for? Which companies should I reach out to??