Help! How Do I Write This Contract?
Good Evening!
I'm hoping someone can help. I'm a realtor purchasing an investment property using creative financing but I have no idea what forms/contracts to use or how to word the terms.
The deal is being structured like this:
-$200k purchase price
-DSCR loan 75% of the purchase price
-Transactional lender 15% of the purchase price
-LLC (me) putting down 10% of the purchase price
-At closing seller is paying transactional lender and holding note for the 15% and LLC is paying him back $500/mo for 2-4 years with a balloon payment at the end. No pre-payment penalty on the loan.
Any help would be greatly appreciated!