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Updated over 7 years ago on . Most recent reply

Jane G.'s profile image
Jane G.'s profile image
Jane G.
  • from New York City, New York
  • Member since Jul 19, 2017
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Jane G.'s profile image
Jane G.'s profile image
Jane G.
  • from New York City, New York
  • Member since Jul 19, 2017
Connect
Jane G.
  • New York City, NY
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Commercial Real Estate Investing

Buying Condo from a Seller with Outstanding Mortgage from Sponsor

Jane G.
  • New York City, NY
Posted

I'm working on the purchase of a commercial condo. The seller has an outstanding mortgage that they took from the sponsor of the condo who no longer owns any portion of the building. Will the fact that it's a private lender cause any issues when trying to get a mortgage from the bank or with transfer of title?  Should there be any special remarks added in the Purchase Agreement?

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