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Maui, Hawaii - Looking for Private Lender, for 1st Mortgage, 45% LTV

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essess Joined: 12 Jul 2010 Posts: 1 1.38 Dollars($)	Posted: Mon Jul 12, 2010 10:04 pm    Post subject: Maui, Hawaii - Looking for Private Lender, for 1st Mortgage, Like 0 Dislike 0 My wife and I have a 1,150 Sq.Ft. Redwood/Cedar Home on Maui, on 1.16 acres of beautiful tropical land. We both have excellent credit scores, over 800. The property just appraised for $460,000, a month ago. We have been waiting for a buyer who has questionable credit for over half a year now. Last week he failed in his third attempt to get a loan. We waited too long and now want to buy ourselves another year or two to sell in an improving market. We own another home and 2.5 acres, with a first mortgage and thus do not have the income to get a conventional refinance for our second property. We have rental income and a reserve of $20,000. We are looking for a Private Lender to purchase the $230,000 First Mortgage from the Family who owner financed us 7 years ago. No other leans on the property.
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Tue Jul 13, 2010 4:38 am    Post subject: Like 0 Dislike 0 Hi essess, I won't be able to let you know about the private lenders who may help you by buying your first mortgage. You can contact the local lenders who offer personal property loans and try to get a mortgage from them. You may even contact your friends and relatives who may help you find private lenders who can buy your loan. Thanks, Jerry

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