Help w/ Creative financing - Posted by sal

Real Estate Investing Office
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Posted by Nate Andree on April 14, 2005 at 18:49:40:

All kinds of things to do Sal. If you can get a commercial loan at 75%LTV then see if he would carry the remaining balance in the form of a note which would be in the second position. Or…you could do what is offering all ready and take the seller financing at 8% interest which by todays standard is pretty good for commercial via owner financing. Or find a HML. Problem is that you will pay points and and possibly a higher interest rate. If you need a HML or a commercial guru then let me know. I know of a super guy who does HML and commercial funding in NC who does this for all 50 states who might be able to help you out. My contact info is below. If I don’t hear from you good luck. Take care,

Nate Andree
Investment Solutions
920-428-9858
natejen@new.rr.com

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Help w/ Creative financing - Posted by sal

Posted by sal on April 14, 2005 at 15:24:43:

Hello

I am trying to find a way to purchase a pre-school for my mother and her sister.

The building is an office building with a CUP permit for ~ 140 kids in Los Angeles ( school has been around for 20 yrs

Listed at ~$5MM ( includes real state and business )
Lot = 42000 Sq ft

gross income = ~$1MM / yr ( seller not releasing financials till offer )

here is the problem… we have ~60k cash… i’m sure we can get 75% LTV but we still need $1.250MM to do this … or do we ?

Can i get Mezz / Bridge financing should i get hard money ?

Seller is willing to carry 1st td @ 8% …)

I was thinking of letting the seller lease me the land and buy the business ( good / bad ? ) mainly to reduce purchase price…

We don’t own a house and my mom has been a teacher for 20 years helping someoneelse get rich… I need to find a way to make this work…

any ideas ?

thanks
Sal