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Updated over 6 years ago,
Down Payment for Seller-Financed Assisted Living Deal
I have a client that is interested in purchasing a large estate to use as an assisted living facility, but they aren't currently able to swing the down payment. The seller is asking $2.4M and is willing to carry the note with $250k down.
The buyers own a small assisted living facility currently and are interested in expanding so I thought that an SBA loan for the entire purchase price and necessary renovations might be the way to go here, but I would love some suggestions from others on this forum about how to approach this.
The buyers are reluctant to mortgage the property, so we have been looking at various ways to attract equity to fund the initial down payment. Does anyone have experience in this area?
Thanks!