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07-14-2023, 12:41 PM #1
Note in Lieu of Down Payment for RE Property Purchase
I have a potential borrower who is due $80K on a note attached to a property that is going into foreclosure due to IRS non-payment & other issues.
This potential borrower would like to finance the purchase of that same property, this carrying the mortgage on it in 1st position, but use his $80K note in lieu of a down payment.
Is there a real estate lender that will allow such creative lending? If so, let me know who, or PM me.
Thanks
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07-14-2023, 01:30 PM #2
I think you mean a new purchase money first position and use the $80,000 note as a carry back second lien?
It would be a LTV, CLTV program.
I need more specifics to structure it if you can get me more information.
I may be able to do it.
I need a schedule of real estate, value of the property, amount of the first lien, purchase price, Fico score.
It has to be investment property.
And is it SFR, land, commercial or what?
I do have a program that's 100% CLTV but it's expensive.
(CLTV - combined loan to value)
You are going to need money for payment reserves and closing costs:
HARD MONEY - BRIDGE FINANCING – 500 CREDIT SCORES
Simple Financing Solutions for Investors
· Investment Purchase & Refinance AS IS ONLY – NO REHAB
· DOWN TO 500 CREDIT SCORE PERMITTED
· Interest Rates Starting at 12.99%*
· SFR / 2-4F / Condo / Multi Fam / Mixed Use / Office / Industrial / Warehouse / All Properties Considered**
· $100,000 - $2,000,000
· Straight Bridge - Up to 65 LTV* - Up to 100% CLTV – AS IS ONLY
· 12 – 36 Months – Interest Only*
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· Foreclosures and Bankruptcy OK
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· Brokers Protected
· STREAMLINED UNDERWRITING – QUICK CLOSE
· NATIONWIDELast edited by Olderguy; 07-14-2023 at 01:35 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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07-14-2023, 02:22 PM #3
You are looking at a loan to value of around 60% for the first lien, the remaining 40% can be the note plus cash.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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07-26-2023, 05:18 PM #4
Steve, let me rephrase & see if I say it correctly:
The seller is in trouble.
The prospective buyer is the same one who's owe $80K on a note. Instead of having to bring cash to the table, he wants to apply/assign his note payable to whichever lender in lieu of a down payment.
If there be more money that has to be put down, that's fine, as long as the $80K down gets applied to the down payment.
Is that a feasible deal?
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07-26-2023, 05:20 PM #5
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07-26-2023, 07:14 PM #6
Reach out if you need help with this...
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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