[Michael Slabitcher]

Hi,

The owner of the commercial building has a 5 year lease to own agreement in place with the current tenant. A year has past since the agreement date. The owner still owes $140,000 to the bank. The building is valued at $350,000 - $400,000 according to the owner. The bank is asking the owner to refinance the building because the tenant is in the marijuana industry. The tenant is operating the business legally based on state laws but not federal laws. Since it is a federal bank they don't want to accept funds generated from the marijuana industry. According to the owner, the tenant is financially solid. The commercial building is located in Washington state. Under the 5 year lease to own agreement, the tenant pays $5,000 per month and $2500 from that goes towards the purchase price of the building ($400,000). I am not providing any of the owner's income information because his financials are weak. The owner has never missed a payment and his Experian credit score is 625. The owner is open to refinancing the property with a balloon payment due in 4 years. His mortgage payment is $1,240 a month.

Would a private lender be willing to refinance the property based on the 5 year lease to own agreement? Any advice or ideas will be appreciated.

Thank you.

Michael Sla*****er
msla*****er@sla*****er.com

[RichardGerard]

Stated Income Lenders up to 70LTV.. No financials on buyer- but they will need contract of sale

[Michael Slabitcher]

Thank you Richard.

[GreatOak]

Give me a ring if you still need help here.

Jason Downey
Great Oak Funding
312 Walnut Street
Suite 1600
Cincinnati, OH. 45202
513.762.7690
jdowney@greatoakfunding.com



www.greatoakfunding.com

[IvanR]

Did you ever consider not taking much at all in the refi? cashout-refi just a little bit to keep the payments down even with a short term as well as staying away from peaking the pot-head's interest in getting some of the capital for themselves but in your name as well as standing your ground and shoo-ing away the stoner