silent wrap-second mortgage-how easy is it to refinance?
silent wrap-second mortgage-how easy is it to refinance?I have a seller offering me a silent wrap second mortgage. He says I'll get an affidavit of equitable interest at closing and my payments to him are escrowed and from there the seller pays the bank that holds the lien or mortgage. My question is how easy is it to refinance this into a standard long term loan? This is a very large commercial multifamily apartment building. Realtor says seller is out of state and got in over his head and just wants out. Deal seems almost too good to pass up. I'm just wondering how easy it will be to get a standard loan and pay him and his current bank off. I've done a lot of transactions but never one like this. Any feedback is greatly appreciated. Thanks!
" style="-webkit-font-smoothing: antialiased; margin: 0px; padding: 0px; border: 0px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: 400; font-stretch: inherit; font-size: 1rem; line-height: 22px; font-family: "open sans", sans-serif; vertical-align: baseline; position: relative; overflow: hidden; color: rgb(52, 65, 77); letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; height: 232px;">
I have a seller offering me a silent wrap second mortgage. He says I'll get an affidavit of equitable interest at closing and my payments to him are escrowed and from there the seller pays the bank that holds the lien or mortgage. My question is how easy is it to refinance this into a standard long term loan? This is a very large commercial multifamily apartment building. Realtor says seller is out of state and got in over his head and just wants out. Deal seems almost too good to pass up. I'm just wondering how easy it will be to get a standard loan and pay him and his current bank off. I've done a lot of transactions but never one like this. Any feedback is greatly appreciated. Thanks!