Need Help Structuring A Deal ...ASAP
Hi, I found this commerical property (6 family)and the onwer is willing to carryingback 12% of the pruchase price, i'm trying to go in this with no money down ..How can I construct my contract , so the bank can finance me the rest ..? Need Help ASAP
Well more information would be helpful. What's the purchase price? What's the annual NOI? What do you think you can get the property to appraise for?
Price : 425,000
FMV: 470,000
NOI:43,293
The seller is holding paper 50,000 at 8% for 3yrs
So what I'm asking is how can I do the contract so the bank can finance me the rest ...?
Ok, so you've got the seller carrying back 10% most commercial lenders are going to want to see at least 20% behind them
You could jack up the price another 10% get the seller to add it into his note make some kind of deal where you get to buy the paper for 50 cents on the dollar.
Probably other things. Its going to depend a lot on who your lender is and what they will or won't allow.
Thanks ..alot
Thanks ..alot