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collateralize land

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mabel_sie Joined: 13 Apr 2010 Posts: 1 1.00 Dollars($)	Posted: Tue Apr 13, 2010 9:25 am    Post subject: collateralize land Like 0 Dislike 0 we own 2 lots in Piedmont Pines (Oakland hills, California) free and clear worth approximately $250,000.00. Each lot allows building of 4 units. Owned free and clear, purchased back in 2005. Looking to sell 1 or both lots and in the mean time looking to borrow $25,000.00 with lots as collateral. Any takers???
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Tue Apr 13, 2010 10:30 pm    Post subject: Like 0 Dislike 0 Hi mabel, You want to sell off both the lots. In that situation, I don't think it would be a good idea to take a loan on that property. While you sell off the property, you will have to pay the debts in full to the lender. Thanks

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