We are seeking a secured loan for the net amount of $65000.00 prior to November 15, 2016. The collateral is a renovated 3BR 2BA home in Bristol, TN with many upgrades and 2 fireplaces. Valued at $135,000.00+. It is owner occupied (trustees of the family trust). Home titled in the name of the trust, but trustees have the power to remove from trust, attach lien and return to trust status. Trustees credit scores are low 600's. (Excessive credit card debt used to renovate the home). Loan is to pay balance of existing loan (about $48000) and to complete renovation of the kitchen. (last room that has not been done). We would accept a 15 to 30 yr mortgage at up to 8% interest, or a short term, (1 or 3 years) interest only loan up to 9.25% interest. The loan would be the only lien on the property.
We are seeking a legitimate investor that wants a very safe project with a great return on that investment. With the approximately $70K that we have already invested in the home, there is little to no risk involved.
However, we will not pay any "up front fees" for any purpose. We will not advance "approval fees", "underwriting fees", "insurance fees", etc. We have had our share of scammers just wanting us to send them $500 to $1000 for those nonsense fees. (We had the property appraised last week by a certified appraiser and the value is there). Any legitimate loan fees will be paid at closing and such fees would probably need to be related to lowering the interest amount. Dispersion of said fees will be handled by our title company/attorney.
Proof of funds would be required, and all documentation of loan must be signed and completed at a local attorney or closing company office.
If this amount, terms and requirements meets a loan program you have available, we are ready to proceed immediately.
Alan & Sally Dodson, Trustees
The Dodson Dominion Trust, a Trust
Bristol, Tennessee USA