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Updated almost 8 years ago,
8 Unit assumable loan. Need Help
Hello Friends,
I have an opportunity to purchase an 8 unit property in the Hudson Valley- Kingston NY. The loan is an assumble commercial loan for $270k the seller is looking for his equity portion of $80k. The total is $350k.
Looking for creative ways to get this deal done. Could I assume the loan at $270k and take out an equity loan for $80k to pay the seller?
What could I expect from the bank?
How could I get this done?
Thank for your help.
Gio