Posted by Charles - DFW on May 29, 1999 at 01:11:09:
I don’t know if the bank would do it, but, why not ask them to loan you the $20K against your other property.
You could even offer $170k / $30k (or whatever ratio) to give them better LTVs.
Just a thought!
Charles
creating a note - Posted by andy
Posted by andy on May 28, 1999 at 13:33:27:
I am a virgin in this business but basically this is my idea:
want to buy a 5-unit apartment house. Sale price is $200K. Will get 90% bank financing and want to create note for 20k secured by 2nd mortgage on another property I own with an LTV including 2nd of 58%. I am a A-one credit risk. Term of note would be 10 years amortized over 30 years at 10% with balance due at the end of 120 mos. What ball park figure could this note be sold for? I would appreciate any and all suggestions. Seller is reluctant to carry paper, but said if I could get him most of his money back he would consider.