Updated about 1 month ago on . Most recent reply
Really Unique Commercial Deal
I am a family friend of the seller who is looking to sell their 7 floor commercial property. The building appraised for 3.8m in 2018 and the rents have only increased since then. Lots of government contracts and long-term tenants in the building too. I would expect it to appraise for somewhere around 4.5m to 5m. The seller reached out to me to purchase the property at 2.7m with owner finance note of 20%. The seller is 80+ years old and he is looking to just get out of it all. I have in cash 5%, but I have been unable to find any lenders who will lend based on this criteria. Does anyone know a lender who would work in these terms? If not, I would be interested in bringing a silent partner with the understanding that I will buy them out in 1 year after I am able to do a cash out refinance.