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schultz.fir
892 Posts |
 Posted - 07/30/2008 : 08:53:29 AM
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Gentleman buying a 4-unit mixed unit property in NJ for his business, with three rental units to help carry mtg.
Purchase: $750k
DP: as little as possible - he wants to conserve cash for rehab/renovations
Zoned: ORC Office, Residential Character
$2 million verified liquid assets
799 Middle FICO (and he asked me how to improve it! )
Would like to buy in LLC, but will personal guarantee it.
Income verification is going to be rough - he's got a lot of LLC's & properties flipping around (just sold one for $1 mil cash) so his tax returns make my eyes blurry... it's just not the steady payday type of income, but he's got it in contracts outstanding and captial gains, etc.
Seller is offering to hold 70% mtg @ 7% for 3-years, but with an increase in purchase price to $775k.
Must be someone out there that can beat that for this guy! Long time friend, no less.
Please call Sarah @ (973) 539-5306
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brad.easter
696 Posts |
Posted - 07/30/2008 : 08:59:39 AM
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Sarah,
The credit and liquid assets are nice offsets. What business is moving into the building? Are the units rented?
Verifying income for this type of borrower is not as difficult as you may think. Give me a call, I can help! |
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schultz.fir
892 Posts |
Posted - 07/30/2008 : 09:07:05 AM
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I know the income is there. I am just getting @#$& from a few U/W about the calculcations, etc.
He's a realtor, in business 30+ years, sold his franchise & starting his own co.
Units are all occupied, approx $3500/mo. |
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dkny
210 Posts |
Posted - 07/30/2008 : 09:57:48 AM
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| What city in NJ? I may have a stated lender for you with good rates. |
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schultz.fir
892 Posts |
Posted - 07/30/2008 : 10:26:14 AM
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| Right here in Morristown |
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