Ok, I need some help on figuring out how to finance this deal. This is an odd situation and I will try to explain this as best as possible. My self and a business partner invested in a business and the property which is a 6700 sq ft restaurant in Chattanooga TN. We invested $150k and that left us with part ownership in the company that owned the real estate. The primary stock holders in the company filed personal bankruptcy and even though the corporation did not file chapter 11 the property was taken since they were the primary share holders.
The 1st lien holder is foreclosing on June 2nd but they are only owed $450k on the property. The question is are there any lenders that will loan on this property and allow the money we already have invest to serve as the down payment. The tax appraisal is around $750,000 and I think I can buy the building for $500-$600k. I do have a tenant that is willing to sign a letter of intent for a long term lease prior to sale to help with the financing.
Any ideas from anyone how I can finance this without putting any more cash out of pocket into this deal.
Are you still looking for help with this? If so, drop me an email with all of the details and I'll look into it for you.
Thanks for the help but I have already closed this deal.
Sorry we couldn't help you with figuring out your financing. What did you end up doing to close the deal?
I found a local partner to help fund part of the deal and it ended up not bringing as much as I thought it would.
On another subject I do have a house that is coming up for auction that was owned by the same guy that I might need some help financing.