18% Interest Secured By

I'm in contract for a 16 unit building with 2 commercial tenants for 1.2 million. The seller is flexible and will hold paper for 90 days (300k). The bank will finances 900k at 5%. Since, the deal has great rent roll being 204k annually and expenses only being 52k annually I'm offering private lenders or investors 18% interest only payments on a junior mortgage with a one year balloon. Anyone interested… [ Edited by Acquisition on Date 08/01/2003 ]