[PJLamar38]

Restaurant on payment plan with its bank which placed them on foreclosure is looking to sell. Bank wants biz off of books, and will take less than what is owed on the back.

Foreclosure was forced when property was appraised at 1.4MM originally, after 9 years in business, they were approached by same bank regarding refi - banker trying to hit quota, nothing wrong with that

Appraisal came in inanely low 450k? - Another appraisal was requested by client who stated he'd pay for it but bank declined (illegal) - During the time of the refi, client was advised "don't worry about the payment we're getting this one done, we'll just roll it into the refi"... month two the same - Deal falls apart because of low appraisal and two months consecutive they get foreclosure docs in mail.

This is where client screws up bigtime - He figured it's a wrap so he stopped paying, for about 6 months, and then called me. I couldn't do anything in order to give him a deal on the owed cash because he didn't have a good mortgage reference, and his credit sucks from the situation.

Biz is restaurant 10 years in biz did 680k in sales last year.

Any advice?

[LJH365]

So they are looking to unload the business? If so they need a business broker.