Art Of The Deal - Seller Financing
I'm working on a deal that will require the seller to hold about 90k on a commercial (total sales price of about 600) for 17 units. He would be the second. How does the note get established? What are the legal protections for him, etc? Ideas for example rates? I'm thinking around 7.5%
If you can get him to do a 2nd for 7.5 % that would be pretty good.
The form for a second mortgage is pretty common but its a big enough deal to spring for an attny and let him prepare and record it.