Question on Using a Note for Apartment Building Purchase - Posted by Rick

Posted by Mark-NC on November 26, 1999 at 08:58:31:

Rick,
This would be considerd a commercial Note. You are probably going to find that you will not get any note buyers to bite on it unless the buyer puts some of their own funds into it. Also because it is commercial the LTV is generally going to be 75% or less.

I know several Note buyers on the commercial side most of their requirements are the same. If you can find A Note buyer to do this Let us know.

Mark

Question on Using a Note for Apartment Building Purchase - Posted by Rick

Posted by Rick on November 26, 1999 at 24:19:11:

Here is my situation–can a note be used for this?

–55 unit apartment building for sale at $825,000
–appraised value of $1.35 million
–NOI $150,000/yr
–buyer has 620 FICO and no money down

Thoughts on using a note? Thanks!!