Posted by terryr on April 24, 2002 at 23:13:11:
you might put a new first on it and let him carry a second for whatever you two agree on and secure his second with zero coupon bonds from proceeds of 1st
Financing Alternatives - Posted by Joe Scherb
Posted by Joe Scherb on April 24, 2002 at 22:43:58:
Hello All,
I?m looking for advice on how to finance a Mobil Home Park. The price is $1.1M with the owner carrying 800K. That means I need to turn up $300K (pretty good at math, eh?) The numbers on the property are o.k., but not great.
What are my options?
- I?m assuming the owner will want a 1st position on the property (but I?ll ask him to take a second).
- Hard Money lender? What would they need down? What type of rates?
- Small business loan???
I do have some change in my pockets, but not 300K. Please advise on what?s commonly done? I’ve never purchased anything this big. What are my options?
All advice appreciated,
J.S.