Need Help Finding Financing For A Land Contract

[Brandon Styles]

Hello BP,

I'm in the middle of trying to close a deal on an 12 unit apartment building ($375,000). I'll be doing a land contract with the seller. I have a verbal commitment from the seller on the terms on the terms of the land contract which are:

Purchase price - $375,000

Down payment- $20,000

Amortized at 6.5% for 20 yrs with a balloon payment in 5 years.

Which will leave a balloon payment of $306,488.48

However, before the seller will sign the contract, he wants me to go through a pre-approval process and obtain a report from a lender.

My question is, can anyone recommend some lenders that I can go through a pre-approval process and obtain a report in order to give the seller so I can close this deal?   

[Steve Vaughan]

Thanks for the update and congrats @Brandon Styles!

A typical LC does not give you title until it's paid off.  I'd encourage you to learn about and explore seller-financing mediums like mortgages that give you title during the payment period.  If your seller gets sued or runs into financial trouble, they could place liens on 'your' property in the meantime.  Cheers!