Looking for Loan Servicing Company in WI for Seller Financing?

Question

Good Morning All,

I am working on a deal to buy 10-12 units from a seller that only wants to do it with Seller Financing, and most likely with a full amortization instead of a balloon in a few years. This will be a first for both of us.

I have heard there are companies that will 'take care of the servicing for this. I assume that means I would pay the company, they would do the 'book work' and forward payment to the seller.

Who do you all use for this, and are they state specific in nature? Is there any DIS-advantage to this method compared to other methods out there. It seems like the logical easiest method for all parties involved.

Thanks, Dan Dietz

Chris Seveney · Answer

@Daniel Dietz

FCI is a company that could service wisconsin.

Daniel Dietz · Answer

@Chris Seveney on this particular deal they would be Notes, and I believe held by individual(s), not LLC. I do know they have a 'family trust' listed on some of their properties as the owner of record though also.

For future deals that might come, what would be the difference if they were Land Contracts or acquired by LLCs?

Thanks for your time to chime in.

Dan Dietz

Chris Seveney · Answer

@Daniel Dietz

Will these be notes or land contracts? Will they be acquired in an LLC or by the individual ?

It makes a difference

Looking for Loan Servicing Company in WI for Seller Financing?

4 Replies