Posted by Ed Garcia on December 15, 2000 at 10:50:42:
Obviously you need a hard money lender, private investor, or partner if you want to hold on to the building. I would also consider seeing if I have a family member with good credit, who is willing to put their credit on the line on a well secured investment with a good return. They won’t need money, just credit. If I were to get a loan with them at lets say 10%, I would pay them 15% allowing them to have compensation for their exposure and efforts.
You could run an ad for an investor, or sell off part of the building taking on an investor partner. You could offer a reasonable amount of free rent or below market rent to your tenants, if they do their own TI’s( tenant improvements).
Rich, what ever you do, don’t give up now; you’ve come a long way. If you want to call me at (909) 944-0199 and go over this deal in more detail, you’re welcome to do it.