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Category: Real Estate Law
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Experience:  8+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I need a loan! I have tons of equity. Yet the banks say they

Resolved Question:

I need a loan! I have tons of equity. Yet the banks say they no longer loan on equity. The business is a mobile home park. I have invested everything i own into thisbusiness. I have about twenty tenants that live in the park with 66 total lots available. I'm heading for foreclosure very soon. This business has the potential to make a ton of $. Yet i need the money to make it happen!

My question is can a judge order a bank to give me a loan?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.

Good afternoon. I certainly understand the situation and your concern. The decision to loan you the money, is at the sole discretion of the bank. A Judge can not force a lender to provide you a loan, no matter how profitable a business may be or the potential it may have. The reason being, is that the lender is taking the risk on the loan and needs to know, in the event of default, it can recover the money lent and be made whole. In a situation like this, it would be a private investor who you need to try and find and reach out to and present them with the business model and figures, asking that they loan you the money at a returned rate. Essentially, you will be looking for investors to keep the property out of foreclosure. A question that will most certainly be asked, is if the business has potential to make money, why is it not at this time and why are you heading for foreclosure. In a situation like this, the money needs to come from a private source, who is willing to invest or at least loan it with interest as the Judge can not force any person or business to loan money and take the risk of not having it repaid.

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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 17042
Experience: 8+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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RealEstateAnswer
RealEstateAnswer
Real Estate Lawyer
17042 Satisfied Customers
8+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases