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#458444 - 07/13/17 10:08 AM Question about Multiple Co signors on a property
phattwoohie Offline
Junior Member

Registered: 07/13/17
Posts: 1
Loc: Louisiana
I have a large family that wants to purchase 5 acres of land on a lake and build some facilities to have our annual reunion at. We currently rent a state park out every year to do this but they are wanting to secure something private.

No one family member can afford this on their own so we are looking at combining resources and credit to secure a loan big enough to complete the project. Our family can take up a collection large enough to cover say a 20% down payment. I have commitments from 5 family units within the family that will step up and put their name on a loan. Is this possible to do?

Do banks or mortgage companies allow multiple co signors? Each of the 5 family units I spoke to have great credit and are elder members of our family who have little in the way of debts. Also they were chosen because they each make over 100k in their chosen professions. We figured we would have the best chance of success with these family members. We have many many others willing to step up and co sign as well but most have smaller total assets or finances.

Are there any hurdles you think we would face or is such a thing even possible? I have not spoken to any banks or mortgage companies yet. As of right now I'm just exploring the idea and possibility for the family. I figured some seasoned real estate agents might have some knowledge as I know a lot of agents also invest in real estate and know the ins and outs of the process. Any advice or knowledge is greatly appreciated.

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#458445 - 07/13/17 11:40 AM Re: Question about Multiple Co signors on a property [Re: phattwoohie]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7831
Loc: Vermont's North-East Kingdom
Move on to the next step and speak with a Loan Originator at a Lending Institution that one or more of you is comfortable dealing with.

What you proposing won't sound unusual to their ears.

You'll probably have to consider making your purchase as a Family Trust or Corporation; with some Bylaws and each Member's rights, responsibilities, and obligations clearly laid out along with termination procedures if one Member wants out, in a recorded document.

Then see if you can locate a satisfactory target property that the entire group can agree on to serve as the collateral.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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