Wrap loan advice - Posted by Howard

Posted by Herb VanDyken on August 31, 2010 at 22:14:24:

Howard, You are almost at the right place. Take this over to the Cash Flow forum. The people over there will get you set up. Herbster
PS there are some wrap articles to.

Wrap loan advice - Posted by Howard

Posted by Howard on August 31, 2010 at 12:40:24:

I have a property in Balt, MD with a longterm tenant who would be interested in buying if I did a wrap loan around existing low fixed rate loan. This would enable them to get in easily and me to stop being a landlord (-can’t sell due to the existing loan amount vs current market value).

May I ask for help with the following from any vets:

  • Lawyer referrals familiar with structuring these loans and servicing them
  • Gotchas that could become nightmare scenarios
  • Best practice techniques

I’d be most grateful and I’m sure others would benefit from the info posted here.

Many thanks in advance!