Seeking Bridge Loan/ Private Investors. 34% LVT
I am seeking a short-term bridge loan or private lending solution to refinance an existing mortgage secured by real estate in Stark County, North Dakota.
The property is my primary residence and includes acreage, a developed farmstead, and a large shop building. The bank’s recent appraisal reportedly valued the property at approximately $636,000, while the total debt payoff is approximately $219,000, creating roughly a 34% loan-to-value position.
The current lender has agreed to temporarily hold off on formally filing foreclosure proceedings while I continue pursuing refinancing, but conventional financing has been difficult due to credit damage caused during this situation and the fact the mortgage is currently past due.
I am not looking to walk away from the debt or the property. My goal is to secure short-term financing (12–24 months) to stabilize the situation, improve credit, and transition into conventional financing afterward.
Key points:
\* Property value: \~$636,000
\* Total debt payoff: \~$219,000
\* Approximate LTV: 34%
\* Primary residence + developed acreage/shop
\* Seeking bridge loan / private lender / asset-based solution
\* Open to reasonable terms and structures
I understand this is outside conventional lending standards, but given the equity position, I am hopeful the right individual or group may see value in the opportunity.
Serious inquiries only please. I can provide additional information, documentation, and property details privately.
Edit: this mortgage is on a shop building I had built 10yrs ago. The land, 26 acres and home, are paid for. My excavation business pays me personally $2000 per month rent for the shop. The monthly mortgage payments were $2000/mo. So the business, essentially, makes the shop payments. My business has a gross income of approximately $24000/mo. The reason I have landed in this situation is as follows: the mortgage will set up on a 30 year amortization with a five-year balloon. The five-year balloon came due in the past the bank had refinanced this time around. They did not. Their reasoning has changed four different times, the thing that I came to with the most logical conclusion. there was a discrepancy on a separate piece of property they claimed to have a lien on when in reality they did not. Then when I would not grant them a lien on that said property, they refuse to rewrite the note. My thought was they already had a property worth over 600,000 on a 200,000 note they didn’t need more.