Need Help Securing A Deal
Situation? I have a seller that is willing to sell me property with a lease back agreement for 24 mo. Property seems to be a good invstment to generate substantial positive cash flow for the 24 month period if an interest only loan is used to purchase the property for the period of time.
Problem: the price of the house is 500K
Seller is willing to sell for 477K. The interest only loan will loan up to 95 Ltv of the 500K. Is there a lender who will lend the 475K without me having to put down the 20+thousand as the down payment.
Prperty in Texas, Need Lender Fast!!!
Credit is good: above 700
No assets yet to put up as colateral for a loan
Can someone tell me how to make this work?
What is the amount owing on the loan? YOu might take this property Sub-To.
Randall
the amount owed is 500K
What's Sub -To ?
This really isn't a 'short sale' scenario. This is more like, "I've got something by the tail and I'm not quite sure what to do with it before it bites me."
You should run like hell from this deal.
[addsig]