13 BTC Loan - Land Collateral

[goducks]

Sorry no intention on selling it, and if I was to sell it I wouldn't settle for half the value.

[knightkon]

I would be willing to do a loan with this land as collateral, however I could not do that much.  The land value may be that, but there are legal fees and repossession/forclosure in the case you do not repay.  If you would accept a lower amount for a loan, please not this.  Also please note what the loan will be used for.

[goducks]

Hi loan purposes were noted earlier but debt consolidation to stop building interest on credit card bills and simply to catch up on pending bills.

Paid commission on a quarterly basis usually 6 weeks after the end of the quarter (current quarter ends in June) hence why I pushed it to 8 weeks.

Open to entertain other offers and hear them out.

[CoinHopper]

Sorry no intention on selling it, and if I was to sell it I wouldn't settle for half the value.

Sell it to me. Why not?

[eaLiTy]

No it's literally a deserted area in Southern California. Please look up real estate in Kern County and look at the going rates.

buddy let me tell you one thing,you can only get a loan according to the asset you have in your hand,if the valuation is low and in some cases you will be entitled to get only 35 % of the value as loan in some cases it depends upon the loan instituation, Most will give you 85%  tops and the rate should not be too bad if you have good credit. hows you credit

[CoinHopper]

No it's literally a deserted area in Southern California. Please look up real estate in Kern County and look at the going rates.

buddy let me tell you one thing,you can only get a loan according to the asset you have in your hand,if the valuation is low and in some cases you will be entitled to get only 35 % of the value as loan in some cases it depends upon the loan instituation, Most will give you 85%  tops and the rate should not be too bad if you have good credit. hows you credit

that's why I wanted to buy it for half the value.

[goducks]

It's fair in the 600s, I'm exploring my options hence why I started this thread.

[goducks]

I would be willing to do a loan with this land as collateral, however I could not do that much.  The land value may be that, but there are legal fees and repossession/forclosure in the case you do not repay.  If you would accept a lower amount for a loan, please not this.  Also please note what the loan will be used for.

What is your offer if you would like to do it for lower?

[goducks]

Anybody else interested?

[goducks]

Is anybody here able to serve as an escrow service for this deal? Or know anybody who is in the US that could be of help here?

[jonald_fyookball]

Is anybody here able to serve as an escrow service for this deal? Or know anybody who is in the US that could be of help here?

I doubt there is anyone really qualified and willing on this forum to properly escrow a real estate note.

[ManyStuffs]

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[Quickseller]

Is anybody here able to serve as an escrow service for this deal? Or know anybody who is in the US that could be of help here?

I am not an attorney, and I recommend that you seek the advice of qualified counsel for help with this transaction.

With the above being said, most loans that are secured by real estate will entail the borrower sign both a Promissory Note that promises to repay the amount of the loan plus interest, as well as a Mortgage that will get recorded that will put a lien on the property that will allow the current assignee (if assigned, otherwise the original Mortgagee) to foreclose on the real estate in the event of a default. A title insurance company will generally guarantee there is a clear title as of a certain date, sometimes subject to certain conditions.

It is very rare (I have never heard of this) for a lender, or someone on behalf of the lender, to hold the title to a property while there is an outstanding loan.

It would probably be ill-advised for an escrow to hold title to the subject property because while they are holding title, they would be the owner of the subject property, which would likely cause them to be liable for any property taxes as they become due, and may be liable if someone gets injured on the subject property.

[goducks]

Is anybody here able to serve as an escrow service for this deal? Or know anybody who is in the US that could be of help here?

I am not an attorney, and I recommend that you seek the advice of qualified counsel for help with this transaction.

With the above being said, most loans that are secured by real estate will entail the borrower sign both a Promissory Note that promises to repay the amount of the loan plus interest, as well as a Mortgage that will get recorded that will put a lien on the property that will allow the current assignee (if assigned, otherwise the original Mortgagee) to foreclose on the real estate in the event of a default. A title insurance company will generally guarantee there is a clear title as of a certain date, sometimes subject to certain conditions.

It is very rare (I have never heard of this) for a lender, or someone on behalf of the lender, to hold the title to a property while there is an outstanding loan.

It would probably be ill-advised for an escrow to hold title to the subject property because while they are holding title, they would be the owner of the subject property, which would likely cause them to be liable for any property taxes as they become due, and may be liable if someone gets injured on the subject property.

I was thinking a promissory note would have been the best/easiest way. That is what I have done in the past with rocket lawyer, it is a tricky situation, but I think it can be done if the right person is willing to agree to doing some paperwork to ensure the collateral is safe for both parties.

[Brob12321]

Why not get a loan through a bank they will surely give you a loan if you have it backed by a large plot of land.  Why do you feel it necessary to scheme around on a Bitcoin forum trying to get a loan instead of using traditional means .  FYI no one is going to give you more than $5 on this forum especially with a scam story like yours.

[goducks]

Why not get a loan through a bank they will surely give you a loan if you have it backed by a large plot of land.  Why do you feel it necessary to scheme around on a Bitcoin forum trying to get a loan instead of using traditional means .  FYI no one is going to give you more than $5 on this forum especially with a scam story like yours.

Once again I will gladly go on Skype and screenshare everything to show you all proper proof just to spite you trying to accuse me of scam.

Appreciate your two cents though, best of luck to you.

[Brob12321]

Why not get a loan through a bank they will surely give you a loan if you have it backed by a large plot of land.  Why do you feel it necessary to scheme around on a Bitcoin forum trying to get a loan instead of using traditional means .  FYI no one is going to give you more than $5 on this forum especially with a scam story like yours.

Once again I will gladly go on Skype and screenshare everything to show you all proper proof just to spite you trying to accuse me of scam.

Appreciate your two cents though, best of luck to you.

I'm not accusing you of a scam necessary you can easily own some land that not far fetched at all.  I am saying the bank will gladly loan you money collateralized by your land at a much lower interest rate than you will ever get on this forum.

[goducks]

No luck with the bank today, their offering is for land at a minimum of $50k in value to back a loan. I am open to hearing other offers. If located in the states a note from rocket lawyer will legally suffice. If outside of the states I am not too sure.