I am 1/4 partner in income property.I need to borrow money and would like to use my share in this property to borrow against,do I need the permission of my other partners ,or any other way I can do so.
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I am 1/4 partner in income property.I need to borrow money and would like to use my share in this property to borrow against,do I need the permission of my other partners ,or any other way I can do so.
If the amount of the loan equals what the property is worth, yes, you have to have the permission of other partners to do borrow on it. They would probably have to come on as co-signers if they agree, but the downside is, if you default on the loan, then they have to pay.
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