Ask Experts Questions for FREE Help !
Ask
    emoore47's Avatar
    emoore47 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 9, 2008, 07:27 PM
    Loan against property in partnership
    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.
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
    Expert
    		  
    #2

    Jul 10, 2008, 04:19 AM
    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Right to sell property in a partnership [ 6 Answers ]

Hi, I bought a investment property (lot) in Florida. I have a unofficial partner who contributes 50% of all payments. However, the deed and loan is solely under my name only. The reason being, my partner has bad credit and besides he could not afford to make payments. So, I got myself into this...

Home loan tax benefits in US when buying property in India [ 2 Answers ]

Hi, I am working in US for last few months. I want to buy an apartment in my home country India. Can someone please share knowledge on how much tax benefits can I avail in US if I take home loan from an Indian bank for an apartment in India ? Thanks.

Can my property be seized if I default on bank loan? [ 4 Answers ]

I'll try to make this as short as possible. My husband and I are both now disabled, but about 8.5 years ago we co-signed with our daughter to buy a used (1 year old at the time) mobile home. She is now divorced and the mobile home is parked on land next door to her ex-MIL, who owns the land. We...

Defaulted student loan lien on property [ 5 Answers ]

I was previously hospitalized preventing me from paying on my student loans. When I began working again the Alaska State student loan office began garnishing my wages and took my tax refund. I was OK with this because I want the debt paid. They assured me that this was satisfactory and they did...

How do I close on a construction loan when there is a lien on my property [ 1 Answers ]

I am 10 months pass the maturity date for my construction loan paying interest each month. I am litigation with the builder of my new home, he has put a lien on my home. I want to close on the construction loan and enter into permanent financing without paying the lien. We are in the process of...

View more questions Search