Non-recourse loan - Posted by las

import · August 10, 2003, 11:26pm

Posted by Don Dion on August 11, 2003 at 10:23:26:

I am a Commercial Mortgage Broker. Generaly they will get the current 12 months operating statements from the current owner to review the property. For the buyer they will look at cash reserves, fico on your credit report and income history/job history for stabilzed income. The last thing they look at is your history in running the type of property your assuming. If you have a track record then your fine, if not they may not allow the assumption or they may require a professional management company be contracted to do the day to day management.

import · August 10, 2003, 11:26pm

Posted by las on August 10, 2003 at 23:26:56:

There is a building for sale and the ad says that it has an assumable non-recourse loan for 2 million dollars. Does anyone have any experience with such a thing? What type of approval process might be involved?

Thanks for your help.