Posted by Matt on April 16, 2007 at 13:08:31:
Just understand they are going to lien your primary regardless of the equity. so b4 you close make sure your homstead is not in need of refiing
Posted by Matt on April 16, 2007 at 13:08:31:
Just understand they are going to lien your primary regardless of the equity. so b4 you close make sure your homstead is not in need of refiing
Is this Possible? - Posted by Zito
Posted by Zito on April 14, 2007 at 12:15:44:
Hello all. Thanks for reading this and providing any feedback.
I’m pursuing a deal on two apartment buildings. My partner and I have worked with the seller in the past; the buildings are COMPLETELY remodeled and fully rented. We have only 3-4% cash to put up, but the seller has agreed to carry ~17%. We need to borrow the other 80%. ~2 million purchase price.
I had a broker quote me terms for this financing that almost sounded too good to be true, so I hope some of you out there can give me your thoughts - before I pursue the loan much further. Apparently the lender is a private individual.
Loan amount = ~1.6 million
30-year term and 30-year am
low 6% for entire loan
Interest only for first two years, then converts to p/i for remainder of loan.
No prepayment penalties
Willing to accept seller financing in second position
This deal represents a great opportunity for my partner and I to take our business a step up, and we don’t want to screw it up! Your help is greatly appreciated.
Re: Is this Possible? - Posted by Bronson
Posted by Bronson on April 14, 2007 at 12:28:27:
Sounds like a good deal. Hope they can deliver.
Re: Is this Possible? - Posted by Zito
Posted by Zito on April 14, 2007 at 12:33:39:
Whether they can deliver is my question. Should I go ahead and complete the application, send in all of the required docs, and “hope”? I’d hate to waste the time, but I guess there’s no other way to find out. Thanks for the response.