AboutFinance Guy Expertise 1. All questions relating to finance
2. All practical aspects of mergers and acquisitions
3. Many general business questions
Experience Considerable experience in the area consisting of 25 years in both consumer and commercial finance and business management, including 15 years specializing in international Mergers and Acquisitions with over $100 billion in assets acquired
Education/Credentials Business administration undergrad
Wharton post grad in finance
Awards and Honors numerous corporate awards
Past/Present clients range from small enterprenurial companies to large multinationals
Expert: Finance Guy Date: 5/16/2008 Subject: pay off co-owners of land
Question I am a co-owner of 1 acre of land with two siblings. They want to sell now, I don't. I want to own the property and eventually build on it, so I need to buy them out. Banks will not lend me any construction loans until I am the sole owner. My siblings are anxious for their share which is about 30K each (value of property is about 90K). Any ideas on how I can pay them off?
Answer 1 acre for $90K?
Sounds high in this kind of market.
How much money do you have to put down?
Typically, I can find you a loan for about 50 of the value of a lot.
Why don't you simply give them each a note for $30k with interest.
