Debt Service (Huh!)
What is debt service? I have ran across that in alot of listings. Ex. $54,850 available for debt service.
Also, humor me, when dealing with commercial units like on a 20+ & up will banks usually do a 75% LTV and allow a SCB for 25% which elimiates a large or $0 downpayment from the buyer if the buyer has a good FICO? Has anyone experienced that?
Debt service is the mortgage. Sometimes the monthly principal and interest payment is referred to as debt service.
Thats funny.. Don't go by what they say. Your terms are always different from what the listing says. You might for instance use a larger down, or maybe even have the owner carry some paper.