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Updated over 7 years ago on . Most recent reply
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Apartment complex comes with an extra land parcel
I am looking at buying an apartment complex and the owner is selling the adjacent lot as part of the sale. This is a legally separate lot. I will be financing 75% of the deal and would want to sell the land separately to recover some / all of my down payment. Would the lender allow this or what other restrictions or obstacles am I missing?
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OK it's taken forever! But since it's a commercial loan there is "lots" of flexibility, they can just add an amount at appraisal for the parcel amount and when the parcel is sold forgive that portion of the loan. They said it's no problem! Just made an offer on the property!