Posted by Bill Gatten on June 03, 1999 at 20:03:30:
Ooooky dokey…goes a little bit like this here…
Put the property in a PACTrust™; appoint a 3rd party Trustee (we know a good one, if you need them); add the buyer as a co-beneficiary; have the co-beneficiary lease the property from the trust; appoint a 3rd party collection agency to collect payments and make dispursements (we know a good one o’ them too). The buyer gets all the benefits of owning without a title transfer, and the property needn’t be sold until the trust terminates and the SBA loan is paid off. I was asked yesterday to handle one exactly like what you are describing. However… I spent an hour pouring (“poring”?) over the loan docs and couldn’t find a Due on Sale Clause (wierd).