Posted by Jaime Raskulinecz on February 25, 1999 at 11:25:42:
I’m trying to purchase a 25 unit property with 100% CLTV. The cash flow will support this financing. However, both the seller and some first mortgage funding sources, express discomfort that we will have no money in the deal.
Is there someway to structure this where the seller’s mortgage can be sold right away to get them what they want?
They are asking $600K. I have offered $505K and they have countered with $590K. As you can see, we are in the beginning stages of this.
I thought my maximum price would be about $525 to $550K with a $425-450K first. If I get a $450,000 first and ask the sellers to hold a 100K second let’s say at 7%, 15 year amort, with 7 year balloon. How much could they sell it for?
Or, maybe you have some other suggestions.
Thanks in advance.
Jaime Raskulinecz