Is it currently running or was it shut down in the foreclosure? Does the buyer have any experience in managing a motel? Do you have the financials on the property for the past 2 yrs and the trailing 12 months statements?
Posted by david fuller on June 23, 2003 at 12:56:52:
Have a client who has contracted to purchase a foreclosed motel. Appraisal is $3.3 million, purchase price is $2.4 million. Buyer needs $1.8 million loan to complete purchase. Banks not interested. Property is located in eastern North Carolina along major interstate. Is a major flag. Any ideas for local lending?