Buying Condo from a Seller with Outstanding Mortgage from Sponsor

[Jane G.]

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?