Posted by Rich on May 24, 1999 at 18:47:58:
I just wanted to let anyone who has been following my attempt to purchase a commercial property know that I met with the Small Business Development Company today and they are going to ‘crunch the numbers’ to see if my plan ‘has legs’.
They said they’d let me know something by Wednesday. I might be able to swing the extension if I have something in writing from these people, or a bank, stating my financing is on it’s way. In the meantime, a friend suggested I speak directly to one of the 3 owners and see if they will hold a 2nd mortgage on their share of the proceeds. How do I go about creating a 2nd mortgage, how do I make it appealing, and how can I whip it out in 7 days??? Thanks to all. - Rich