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Need Creative Financing

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I have a friend/client. Her and her financee is buying a $550K home on the Intercoastal River in Edgewater. Million dollar homes over there.


They have one house that will be closing Dec 2, that will give them $385K to work with.


She has a 2007 doublewide mobile home on land, appraise for $150K, willing to sell for $135K


She has another home with about 20% equity in it.


She needs $165K cash to get into this home.(there would be no mortgage) Now mind you they both have high scores she is in the 700's and he is 800. They want to buy this property with cash through a trust, (beneficary rights)thinking somehow this will keep there property taxes from going up. I could very easly get them a Mortgage, but they want to do this as a cash purchase.


She would like to get $135K and use the mobile home and land for colleratal, 24 mo. balloon, interest only, 12% no PrePayment Penalty. The Mobile home is Listed on the MLS.


The other 30K she will use the New Purchase as Collateral with in the Trust. Again interest only and can be a 24 mo balloon. Now I have someone that would do the 30K, he just does not have $160K on hand.


I think she would do the whole $165K and use the New Purchase as Colleratal.


Is there anyone out there that has any ideas or do you know a private investor that would be interested in this. Thank you

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Never mind on the Creative deal. I was able to convience her to just get a 5 yr IO Arm at 6.375%.


She went to some seminar that was teaching that if you bought a home or should I say the Beneficiary rights of a home in a Trust, then the property appraisier is not aware of the sale and your property taxes are not reassesed on the new Sales Price of the home, because you are buying the beneficiary rights.


If anyone has every heard of any such thing I would like to hear about it. B)


Michael I really like the Thanksgiving background.


Happy Thanksgiving everyone

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