REAL ESTATES FORUM

Greetings,
I have an uncommon situation but I dont think it is insuperable.
I am seeking to obtain a mortgage loan on a property located in
Hillsborough County, Tampa, Florida. This is not my primary residence. Ive
had it since Aug. 10th, 2004. The previous owner passed away in July, 2005.
In Sept. 2005 an unrelated heir instituted a Lis Pendens against me and
the property and sought to invalidate my deed in Probate court. She brought
this action against me without ANY legal basis at all...none! As though
this wasnt enough of a problem for me, I was recommended to an unscrupulous
probate atty. He dragged this matter on for his own benefit for 2 1/2 yrs.
When I discovered this (in Feb. 2008), I fired him and retained proper
counsel, one of the best law firms around... but at a cost. At the end of
last month I received a court order and final judgment declaring my deed to
be good and valid. I want to file a civil suit against the person that
wrongfully dragged me into this probate proceeding but my attorney wont
continue to work on this until I pay my current bill of $30k. I need to get
my attorney paid as well as the past two years of property taxes.
The property is 130 ft. front and 624 deep. It has a dual zoning of RS-50
and commercial zoning for a bar business on the frontage that runs 100
ft.deep. It was built in 1958 originally as a beer and wine pub and has
always been that. I currently have the business leased out for $2,200 p/m.
for 3 yrs. renewable annually at my option. My plans are to develop this
property with an apartment complex, strip stores, etc., but not at this
time. The surrounding structures are up to 3 stories. I refinanced my house
a year ago in order to pay a years property tax. I have also done some
major improvements that include a new roof installed last month, central
air/heat, repavement of the parking lot, fencing, permanent illuminated
signage and more. At the back of the main building and adjacent to a shared
covered porch there is a separate room where I had a second 200 amp
electrical service panel installed. My plans are to finish building a Beer
Garden and The Back Porch Grill. I would also consider a possible
partnership.
This would be a 1st Position Mtg. for $225k-$250k w/payments at $2k p/m
or less, as this property is free and clear (no liens or loans against it).
I dont have a recent appraisal but currently it is tax assessed at
$242,533. I think I would need to get a no-doc type of loan because my FICO
score is not the best (high balances but I have a good pay history), a Ch. 7
bankruptcy discharged in 1999 and no tax returns. Some of the proceeds from
this loan would be used to pay down my existing credit balances as well.
I am hoping that you are able to find an appropriate loan for me or
possibly some kind of a creative solution.


Thank you for your kind consideration.

Sincere regards,

monaco9@verizon.net