Can this be done? - Posted by Barry

Posted by Barry on September 10, 2003 at 18:07:42:

I’m a newbie to this and need some help. A friend of mine owns a successful Plumbing & Heating business that he purchased about a year ago. He is being forced out of the building he rents for his business due to a new owner of the building wanting the space for something else. He has put a $5000 down payment on another building that he is getting for $25K. The building was listed through a realtor for $39,900 yet he got it for $25K. It needs about $10K in fix ups. The previous owner is willing to carryback the $20K mortgage but he would like to get a loan for $35K to cover the whole deal and only have one payment. The banks are not willing to help since he has only owned the business for about a year. I’ve heard of Hard Money lenders, is this a way to go? Any ideas on how I could put this together for him.