Mixed Use Simultaneous Close - Posted by Hugh James

Posted by Michael Morrongiello on November 27, 2000 at 16:26:42:

If you have demonstrated that you can make the payments timely on this private loan, then its feasible to take a look at coming in and actually purchasing the existing loan you have with this private party seller (this gets her cash now) and then through a “formal” modification agreement restructure its repayment terms.

I would love to explore this further with you. Feel free to contact me.

Michael Morrongiello

Mixed Use Simultaneous Close - Posted by Hugh James

Posted by Hugh James on September 21, 2000 at 15:22:14:

Anyone know of a funding source experienced in simultaneous closing for mixed use properties. I think I’ve been throwing away business (mortgage broker) on these deals. Typically small properties with a store front and 1 to 3 apartments. Buyers are about a 50/50 mix of OO vs. NOO. Sellers are usually flexible, and buyers have 10 to 20 percent down, but area banks are looking for no more than 550 to 70 per cent LTV on their loans.

I’m thinking I could do more busness in these properties with a note sold at closing. Any ideas?

Another benefit of Seller Financing … - Posted by Michael Morrongiello

Posted by Michael Morrongiello on September 21, 2000 at 23:58:59:

Non conforming properties, sub standard borrowers, odd ball deals, all lend themselves well to using alternative financing techniques.

Mixed use properties along with Commercial properties themselves have traditionally been more difficult to obtain mainstream financing for.

As I feel you have discovered - Learing how to intergrate appropriate uses of Private financing, Seller finacing, deal structure, etc. is a wonderful niche market for you to pursue.

Notes can be sold secured by these types of collateral just as readily as a residential type property. We typically can fund and close in 10-12 business days or less pending file documentation.

To your success,

Michael Morrongiello

Re: Mixed Use Simultaneous Close - Posted by Linda

Posted by Linda on September 21, 2000 at 16:07:50:

Hi Hugh:

I have been working with a company that does simultaneous closings. They cash out 1st mortgage notes at closing for a small discount. After the buyer
is approved which only takes a day, they can close in 2 weeks. The buyer only needs 10% down and much less qualifications over the traditional methods.

Re: Another benefit of Seller Financing … - Posted by Amber Vores

Posted by Amber Vores on November 27, 2000 at 16:13:44:

Michael, I am one of those people with a Mixed use property and have had a difficult time in finding the right lender. They all try to push it through residential and It cant happen that way. I was a broker for a couple of years and lost my hair trying to close the last commercial deal, working with a local Co.
I have presently a 30 year commercial mortgage held by an individual. Thats great but she of course does not report to any credit agency and this hurts when you have 6 years perfect history that is not shown. I would like to pay her off, she has even agreed to lower my bal from 73 to 70k if I can refi. The property is worth aprox 150k. I am a C barrower. Any ideas please let me know!! Thanks Amber Vores