need creative 200k+ loan - excellent collateral.....

[ninetyeight]

Where:
Midwest

Assets:
450k multi-tenant office bldg (1/3 occupied by owner's business)- bought for 350k over 10 years ago - NO mortgage
700k+ residence - 200k 1st up to date
250k-300k cash on hand (verifiable)

Personal:
20+ year professional
Self-employed (through professional S-corp)
All payments on time
FICO 760

Problem:
Illness (physical, now resolved, details on request) and equipment expense create relatively weak personal income for 2010-2011. Income trending strongly up 2012 (verifiable with bank statements). However, the real problem is approx 300k prior years taxes owed (no liens at this time). I could pay with current reserves and maybe personal loan or, worse case, cc cash advance, but then would have zero available to cover personal and business monthlies and/or contingencies. I'm seeking at least 200k+ bridge (200k-300k), preferably interest only for at least six months (option for 12 preferred) which I can cover easily from current income, to combine with cash on hand to cover tax debt. The relatively weak '10-'11 financials make a conventional difficult the tax due makes it impossible as far as I can tell. The Catch-22 is that if I could tap into the approx $1MM combined equity, I could solve the tax problem. With taxes cleared and income strongly up I can get a conventional by the end of the year to pay off the bridge loan. Alternatively, I already had plans to sell the residence (downsizing after divorce and kids in collateral) and could use the cash out for the payoff. The 200-300k would be over-collaterized to the the point where risk approaches zero,so the situation is frustrating.

Thanks for any advice

[Cat Damiano]

Hi ninetyeight,


We would be unable to refer you to any specific mortgage lenders offering these types of programs on the forum. This section is basically to discuss programs that are out there generically. This is a really tough scenario, have you tried shopping it around to any mortgage brokers in your area to see if they know of any programs

[Cat Damiano]

You can also try posting in the loan scenarios section of the mortgage broker land forum as actual lenders look into those postings to see if they can help.

You may have to copy and paste this link into your browser as the feature for the links is disabled in this section of the forum;

Here is the information;

http://www.mortgagebrokerland.com/f2/

[ninetyeight]

Oh, sorry. Thanks for replying, though. I'll post over at mortgagebrokerland.com.