Posted by John on July 04, 2003 at 18:34:14:
Cash
Is This a Doable Deal? - Posted by John
Posted by John on July 03, 2003 at 10:41:18:
Hi Ed,
I’ve agreed with a seller to purchase his house for $149,000. The house is valued at $169,000. There’s a $35,000 first mortgage on the house, the rest is seller’s equity. I can borrow $109,000 from a private lender (65% of the value of the house). The seller wants $55,000 cash and will carry a note for the rest of the sales price ($59,000). This means that I would walk out of the closing table with $19,000 minus closing cost.
Will the lender have a problem with this deal or is it doable?
Thank you,
John
Re: Is This a Doable Deal? - Posted by James Strange
Posted by James Strange on July 03, 2003 at 18:33:29:
If you borrow from an equity lender disclose it and it should not be a problem.
A traditional lender will have a problem with it.
Do you want the cash or a lower rate?