Posted by Scott SC on May 17, 2000 at 13:30:41:
A lot of questions need to be answered in your case Tom…
- Do you own the house outright or are you doing a wrap. If you’re doing a wrap you’ll want to charge an interest rate higher than the one on the current loan.
- Do you plan on creating the note then selling it? If you are, first find someone with ‘some’ credit not ‘bad’ credit. Get as much down as possible, preferably 10%, then, depending on the note buyer, you may need to create 2 notes to get to a desirable LTV for the note buyer.
If you’re not planning on selling the note, why would you create 2 notes? There’s no reason to do that, just get a good down payment and finance the rest on one note.
A little more input from you on your situation and your plans would be helpful. The pros on this site are too old to try and read your mind