Re: Mtg. Broker needs Creative advice! Part II - Posted by Paul Macdonald
Posted by Paul Macdonald on December 15, 1998 at 22:57:31:
The reason I want the property so much is there is a corporate tenant. This tenant has offered me a five year lease with my choice of two payment plans. Either $1600 per month and starting yr. 3 a 5% increase per year. Or $1700 per month for the term of the lease. Its a good deal. Not screamingly good, but this company has offered me three more deals in 1999 and I want them. So I’ll “settle” for a good deal this time for a great deal next.
My thoughts were to structure this with a 220k purchase, 25k take back, 6% seller contributions, 21.8k cash at closing to me, with a non Fannie lender. Than turn around and refi using a Fannie Freddie lender for the better rates and terms. If I go this route, what clause should I put into the contract that would force the seller to hand me 21.8k at the table? A decoraters allowance?
Am I thinking clearly? Is this the best route? Should I just raise the downpayment and go the Fannie/Freddie route?
I very much would appriciate any help and advice sent my