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Updated about 8 years ago on . Most recent reply
seller financing on NY state commercial property
hi all - I have what could be an attractive opportunity to purchase a small commercial property (two story, two unit) where both units are currently tenanted (one tenant is month-to-month while the other has two years on the lease).
the seller wants to liquidate and walk away from the responsibility as he gets older (now in his 70s). as he owns it free and clear, he's willing to be flexible including seller financing.
from reading this forum and based on my own experience, i know creative lenders are increasingly difficult to come by. while price negotiations alone could get me to a level that i feel is worthwhile (and swallowing the down-payment out of pocket), i am much more inclined to focus on the out of pocket side of this equitation.
any thoughts or ideas on if a lender would allow the seller to finance a portion of this - and within the state of NY if anyone has a referral or suggestion on a lender that would be great. i don't think i'd be willing to do this over 2.5%-5% out of my own pocket, which i appreciate it tricky.
thanks very much.
Most Popular Reply

@Jason A. when I read posts regarding apartment bldgs I see @David Thompson name and he mentions his business partner maybe he can shine some input. They seem very knowledgeable and I believe they have books as well that you can download.