Posted by Ed Garcia on January 24, 2001 at 23:51:19:
You don’t tell us what kind of loan your parents have on the property. We don’t know the terms and conditions. You also don’t tell us your age? When you tell us that the restaurant has doubled in size as far as gross income goes, that may be so with the business, but that doesn’t tell us the LTV of the property. You also don’t tell us if the lender is a bank or what kind of lending institution it is?
Since this is, for no better choice of words, a family business, you father could show that you are also an owner of the restaurant and ad you to the mortgage, setting the stage for a refinance later on. You mentioned a wrap with a LLC, so I’m assuming that was for the benefit of liability, because you father and mother are on the loan. If I knew more about you Wieds, I could have several suggestions, but I’m sorry to say that I don’t know enough about you or the circumstances.