Financing A SS..Am I Not Getting It?
I'm a newbie at SS so I am still unclear about financing them...
Ideally yes I'll be able to do a double close and close the back end first to finance the front end but if I dont find a buyer who can close fast then I'll need cash.
Everybody has told me that if the deal is right the money will come...
Well I am negotiating a deal that'll need approx $440k to close (FMV 600k) plan is to sell for 520 - 88% of FMV....but am now finding that many lenders will only lend 70% of purchase price and have a ceiling of 300k plus they want to be the first and ONLY note holder...leaving me with a hefty amount still to find /carry
Any suggestions as to how I can approach this??
Some wonderful help on this BB Thanks!
JK
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