Seller Financing Options

[Mario Garaffa]

Good Afternoon All,

Recently I came across a great deal on a piece of Commercial Real Estate.  A few apartments with a business on the main floor. The seller is motivated and wants out. I was able to negotiate a great price and he is willing to do seller financing or lease to buy option. There is one little problem, the seller has a current mortgage on the property. So I've been researching the "Due on Sale Clause" that will most likely arise should we go attempt to go that route. I want to do this completely legal and ironclad. I would go through conventional financing expect most lenders are telling my deposit needs to be seasoned and in my account for no less then 6 months. I have investors willing to put up a a good portion so buy the time that money is seasoned, I'm sure the deal will be gone.

Has anyone dealt with this in a deal? Is the a way a legal loop hole to get passed this? Any advice is greatly appreciated.

thanks,