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Updated about 8 years ago, 11/27/2016
Need Help Finding Financing For A Land Contract
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?