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Updated over 8 years ago on .

User Stats

141
Posts
29
Votes
Lorin K.
  • Tacoma, WA
29
Votes |
141
Posts

Home owner in need of new loan to pay off existing loan and biz

Lorin K.
  • Tacoma, WA
Posted

I have an Oregon property owner who is in the hemp industry and extracts the oils and sells them pharmaceuticals that sell the oil to cancer patients.  The owner needs private money because the original owners took back a first owner finance contract and promised him to extend the balloon payment in the near future. Since then the owner's have died. The daughter inherited the original loan and she is unwilling to negotiate a new contract that would extend the balloon payment into the future. The owner of the property wants to obtain private money to pay off the existing loan. 

So what I need is a checklist or spreadsheet that he can fill out that would provide all the details of the property. Also, based on what he informed me of the value of the property "three comps" vs what the loan amount is required to pay off the loan I calculated it at 78%. If someone can present me with a checklist or spreadsheet asking the borrower all the details on the property then I email it to him. He is also willing to pay me a finders fee so I will need a finder fee aggrement sheet that he needs to sign. 

Since this is the first time I am finding a lender for him based on a finders fee, would he need to sign it at a attorneys office then notorized first before I present him with some lenders from Bigger Pockets? 

Thanks