Posted by Destini on June 19, 2006 at 14:13:58:
Somewhere between 80k and 100k (PPP).
Are you saying that it could be easier with a higher priced property? If so, how much higher? I can get those too. They come all the time.
Sincerely,
Destini
PPP on 1st. mortgage - acquisition help please. - Posted by Destini
Posted by Destini on June 16, 2006 at 11:13:12:
I have a seller of a multi unit property. the property has a 1st. mortgage that has a hefty pre payment penalty attached.
The seller wants the 1st. to be assumed, will carry a small second with cash for balance of equity.
Are there any reasonable 2nd. mortgages for commercial properties?
Can anyone tell me how this commercial cashflowing project can be creatively purshase with the 1st. staying in place and the seller getting cash at closing?
Thanks in advance…
Destini
get_paid@sbcglobal.net
Re: PPP on 1st. mortgage - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on June 16, 2006 at 11:30:44:
Depends on the requested ltv/cltv and the loan amount.
Re: PPP on 1st. mortgage - Posted by destini
Posted by destini on June 19, 2006 at 09:28:44:
Thank you for your response to my challenge.
1st. mortgage is 1.880 million. Asking price 2.950 million. The seller will hold 100k and would like 970k cash at closing.
Re: PPP on 1st. mortgage - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on June 19, 2006 at 12:12:49:
The small sale price makes that tough. What is the pre-payment?