To all - here's the situation:
We need $250K for a bldg project (must do it within 1-2 yrs)
- We have 20% that amt in reserve (just did a big project)
- $250K would eat up our entire LOC (not a good idea)
- We could take out an add'l mortgage (not desirable)
- A 2-yr assessment would be a very steep hit on Shs
- We'd need a 30% mnt increase to raise $250K in 2 yrs
(could lower it by, say, 25% after we raised the $250K)
We're in good financial shape with no debt but the need for $250K was totally unanticipated, hit us out of the blue.
Other options to raise $250K? Appreciate any suggestions.
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