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Updated about 8 years ago,

Todd Moriarty's profile image
Todd Moriarty's profile image
Todd Moriarty
  • Investor
  • from Macomb, Michigan
  • Member since Mar 11, 2016
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User Stats

121
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8
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Todd Moriarty's profile image
Todd Moriarty's profile image
Todd Moriarty
  • Investor
  • from Macomb, Michigan
  • Member since Mar 11, 2016
Connect
Todd Moriarty
  • Investor
  • Macomb, MI
8
Votes |
121
Posts
Private Lending & Conventional Mortgage Advice

What are the basic steps when assuming a commercial loan?

Todd Moriarty
  • Investor
  • Macomb, MI
Posted

I'm looking at assuming a commercial loan on a multi-family building and just confirming the steps involved.  The loan is assumable....so....if the purchase price is $1,000,000 and the current loan balance is $900,000, I pay the difference of $100,000 for the downpayment?  What about closing costs?  What's typical for something like this?

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