Seller Holding Paper - Posted by Chris

Real Estate Investing Self Storages
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Posted by Chris on December 03, 2010 at 11:28:41:

I am new at structuring deals where the seller holds paper. I have been approved for other projects by my local credit union in the past where i had put my own money into the project. I do not know if the same bank(s) would allow me to structure such a deal. What is your experience, what do you recommend?

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Seller Holding Paper - Posted by Chris

Posted by Chris on November 23, 2010 at 09:03:39:

I have two potential deals (one multi-family and one self storage facility) where the sellers in each deal are willing to hold 75 - 80 % of the mortgage. The remainder of the financing would come from a bank.

My question is, how do i deal with who is in the first position and who is in the second position on the mortgage note? I am assuming the bank would want to be in the first?

Thanks
Chris

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Re: Seller Holding Paper - Posted by HC

Posted by HC on December 03, 2010 at 08:01:30:

Sounds like a good deal. Are you able to get financing from a bank? Are you familiar with structuring deals in where the owner is willing to carry back paper?

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Re: Seller Holding Paper - Posted by James Harris

Posted by James Harris on November 24, 2010 at 14:31:53:

The bank may very well be the first mortgage holder in this deal. Depending on how you actually structured the deals. Most generally the bank would want to be in the first position.