Posted by Brent_IL on August 27, 2003 at 21:36:54:
The time to arrange for all of this is before you sign a purchase contract. This is like the cowboys in the old westerns riding into a box canyon and then having to fight their way out.
Would the seller consider accepting a note for 10% or 20% more that was secured by your friend?s home, cars and trucks, and business ownership instead of the property he has sold?
Is there a way to do it? - Posted by Barry
Posted by Barry on August 27, 2003 at 18:59:29:
I am really new to this business and have a situation. A friend of mine has a plumbing business. He is looking to expand and had put $5,000 down on a building he his buying for $25,000. The owner will carry the financing. The building is assessed for $33,000. He would like to get a loan for $60,000. $20K to pay off the building, $10K for repairs/upgrades to the building, $10K for working capital and the balance to pay off some loans he has so he only has one payment. He says he would like a loan he can pay off in 10 years and is able to afford a $750/mo payment.
Any suggestions? I would really like to help him out and make some $$ for myself in the process if possible.
I appreciate any thoughts you all may have.
Barry
Re: Is there a way to do it? - Posted by Randy
Posted by Randy on August 28, 2003 at 09:24:57:
You?re talking about a commercial business loan. No Real Estate loan would ever go for 200% LTV. Suggest he contact his local banker for a small business loan.