Oregon Hard Money Deal - Active

700

1 deal

No

Ashland

Oregon

$340,000

$350,000

We have a 30 acre property with a 1967 single wide mobile home. Septic, power, and a shared well are already established. We acquired this property through a seller carry loan, we put down $100K, the sellers carried the $240K, $340K total for the property. The balloon payment of $240K is due to the sellers this November 2022. We also took $100K in a private loan for maintenance, permitting, etc; this lender has a 2nd lien placement title deed on the property with 15% interest per year on the original loan amount. We would like to to try to get a loan that can pay off both of these loan amounts, but at the very least the balloon payment to the sellers. Other than consolidating the above loans, we would also like to get enough funding to build a new house to replace the mobile home.
The property is a 15 minute drive from downtown Ashland, OR. It is zoned EFU (exclusive farm use) in Jackson county, we already have approval from the county to build a house. The property also includes 11 acres of water rights to pump water from the creeks to irrigate for any use, including commercial use.