Posted by DavidV on November 18, 1998 at 19:52:45:
I am trying to buy this for myself. The seller is willing
to sell a note depending on how much cash he can
get (he wouldn’t give me the magic number). The property is located in Mississippi.
Commercial note gurus, would this work? - Posted by DavidV
Posted by DavidV on November 18, 1998 at 15:52:41:
I have met an investor wanting to cash out on several properties and move to Florida to retire(me in a couple
of years). He has a 4 strip shopping center free and clear
asking $295k. NOI for 97 was about 50k. Appears about the same so far this year. If it appraises at 430k or more would a note structured like this sell…300k(70%) @
10% interest only for 30 years, with a ballon due in 3 years.
He realizes he is selling under value but just wants out
and is a “tired” landlord. Also, what kind of a ballpark
discount would there be here?
I have called a few brokers but haven’t found any yet
that deals with commercial deals. If anyone knows of
any i would appreciate the help. Also any advice on
structuring the note would be great.
THANKX
Re: Commercial note gurus, would this work? - Posted by JohnBoy
Posted by JohnBoy on November 18, 1998 at 17:16:05:
Are you trying to buy this strip center for yourself? Are you saying the seller will create a note for $300k and discount that to sell it for cash? If your trying to buy this yourself and the seller is willing to discount that low I have a commercial lender that may be interested in just giving you the loan to purchase this. What state is it in?