Posted by PBoone on May 24, 1999 at 18:54:26:
Thank you for the info. I have solved the problem on the first wherein the escrow officer is willing to allow MY buyers money pay off the original seller in a simultaneous close and we will get a check and note for the difference at close.
The 31K 2nd note will be at 90%LTV “as is”. The rehabber will be putting his own money into the project for repairs so we should be sitting at about 50-60% after repairs are complete (approx 7 mos.)
I am aware of the possibility of “assigning” but I do like the idea of a little cash now and note (payments) @ 12% and being able to borrow at a lower interest rate to generate capital for other ventures.