How Should I Structure This Note
I have a multi that I am looking at, where I have gotten a 65% first approved and after my down pay still need 25% to complete the deal. Owner is willing to take a second but not for the full 25%. I would like to offer him a note for 25+% and sell the note at close or shortly thereafter.
Here are the numbers:
Value: 625K
Price: 600K
Down: 60K
1st: 390K
Balance: 150K
My middle score is around 540 due to few new accounts to reestablish, have access to people for credit partners with scores 580 and up. The owner is only willing to hold up to 70K.
1. How can I structure this note to sell at close or withing 30-180 days?
2. Can you structure a note with a subordination clause to always stay in the second position since most commercial lenders will take second position?
Thanks
Any takers????
you cant sell a note you do not own the seller is the owner of the note in this case not you as the property buyer
If you need help in getting your note in the hands of note buyers send private I can help. I can also make sure its structured correctly. No problem...
Mark