Advice on seller financing deal for a commercial property

[Michael Monaco]

First and foremost, thank you for reviewing my questions.

Property type:

RV park

Price:

2.3 million

Seller:

The seller has agreed to take on a 2nd mortgage.

Buyer:

Pay the seller 50% of the asking price to be on the 1st. Pay the remaining balance off in 2-5 years through refinance.

Questions:

1. What are some key points I should have written up on the letter of intent from the seller side? The seller is open to making adjustments on their letter of intent.

2. Do you have any good contacts for lenders?

3. Is it possible to find a lender/bank that will cover closing costs?

4. What type of credit score will I need to close this deal?