Need help with Ag Land lending for property in Hawaii
Hi All,

We currently have a property under contract for an Ag Land purchase is Hawaii.

As of right now, we need to come up with an additional $150k within the next 30 days for down payment.

What might be some creative funding routes to look at?

I have 800+ credit and have looked at taking a loan against my stock portfolio, but that wouldn't cover it all or even most of it.

I spoke with a private money lender and he seemed to think if I went the private money route, I could be committing wire fraud? I was unclear as to why that would be the case, but he wasn't a very happy person so the conversation ended there.

Can I take out a personal loan? Business loan? Something else?

I appreciate any ideas you may have.

Thanks!

&amp;#x200B;

edit: adding more info.

So here's the whole situation.

We have undeveloped Ag land under contract for a purchase price of $650k.

Pre-approval for a loan of $455k, we have to put 30% down ($195k)

If we can come up with the needed $195k (we can bring about $40k to the table ourselves), we have a buyer lined up to purchase the property from us for $725k (verbal agreement), we have yet to draft up a seller's agreement between us and him. 

Buyer would assume the monthly mortgage payments of \~$3,000/month and we'd act as the bank. All of this would be properly drafted up by a lawyer...

The hold up now is the potential buyer can't get a HELOC on his house for sale in Utah. Lending has started to tighten and he's having trouble funding the whole $195k. 

If we can fund the $195k we would then wait for the buyer to sell the Utah house (est. $1.3Million) and he would then buy the Ag Land outright from us. We'd have a clause in the contract having time stipulations on selling the Utah property so we can get our money out asap. 

So, with that being said, how can we creatively come up with $100k-150k legally and creatively allowing us to Buy this property then Sell it to our buyer?

Thanks for any input!
[{"id": "irmpefz", "text": "Beware of borrowing to go into debt on non productive assets.", "replies": [{"id": "irq44fn", "text": "Thanks, I agree. I added some more info to the post to share what's going on with the purchase.", "replies": [], "depth": 2}], "depth": 1}, {"id": "irms2lb", "text": "Is there a broker involved? If so, do they have local lending contacts? Are you buying it as operating agricultural land, or for development?  If it's operating ag land, it should have some current cash flow. You SHOULD be able to get some financing on that basis.", "replies": [{"id": "irq45vo", "text": "Thanks for the reply. I added more info to the post.", "replies": [], "depth": 2}], "depth": 1}, {"id": "irpi7fo", "text": "Lender\u2019s will want to know you have some skin in the game. They won\u2019t want to be taking on debt for 100% of the acquisition. If you had other assets, you could put second mortgages or refinance existing debt in order to pull out the equity for the ag land purchase\u2026 but definitely make sure you\u2019ll actually be able to service all this debt!", "replies": [{"id": "irq47p6", "text": "Thanks for your reply! I added some more info to the original post.", "replies": [], "depth": 2}], "depth": 1}, {"id": "irreksc", "text": "Seems pretty risky with no guarantee that the Utah money will show up.  If the Utah money doesn't show up can you afford to make mortgage and tax payments on the property for 6-12 months while you put it up for sale?\n\nCan you just transfer the $650k contract to the Utah person in exchange for a $25k finder's fee with no risk to you?  This deal seems like a big stretch for you right now.", "replies": [{"id": "irs1175", "text": "Thank you for the input. \n\nIn order for the purchase to happen, we and our buyer have to team up to make it work for all parties. (It's a confusing deal on paper, but it actually makes sense in the end)\n\nWe'd be assigning the buyer the contract right after closing. He would assume the monthly mortgage payments. \n\nIf he were to default on those payments, we would take ownership of the property and keep any money he's put into the deal, we'd also likely want to have some collateral attached to it as well.. We could cover the monthly payments if needed, but it's not most ideal for us right now.", "replies": [{"id": "is12yv3", "text": "This doesn't make sense, how are you assigning a contract AFTER closing, you may mean he will be taking over the bank note. but the assignment of contract should take place prior to close.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "it6gbj0", "text": "This wouldn\u2019t happen to be the development on North Shore? I\u2019m currently looking at the same plots asking the same questions lol", "replies": [{"id": "itc97og", "text": "Yea it\u2019s on the NS..", "replies": [], "depth": 2}], "depth": 1}]