Hospital Assumption
I am new to this investing thing, I mean have yet to do first deal. My question is, I have a new LLC only a few weeks old, and looking into purchasing a hospital. It has a 10yr contract with 3% increases every year. All management and upkeep are the responsibilities of occupant. Loan is interest only for 5 more years with assumption or I could get new financing. HOW can I assume this loan with no credit established yet, and I want to avoid personal credit if possible? Should I partner up with a credible company to assume/new finacing or go with a shelf corporation(I would have to purchase this corp out of pocket). Thank you for your time and I look forward to your responses.
Jeff
the may require a personal guarentee.
thank you for your replies, however I do not have enough assets to put the deal in my name. So, do you think it is possible to partner with an existing company, or try to use a shelf corporation, allowing the credit to be already established? Thanks again for your replies.
J
having sufficient personal assets for the one banks proviso to lend in the name of the LLC.
DonP72,
There are several good sources of information. The best are usually the commercial real estate firms in the area. If you are still looking to invest in office buildings in the south florida area, please post back.
REIS uses actual sale data, but I believe they post updates each quarter.
I believe Real capital analytics does the same.
CBRE, Marcus & Millichap, and City-data post free reports from time to time depending on markets and the ULI has reports for sale for most metro areas. Prices are cheaper than REIS.
Good luck,
Craig