Non-Conventional/Seller financing for condo with existing rent controlled tenant

[Timothy Heck]

Hello all,

My mother has a condo in a building that is 50-55 yrs old in North Bergen NJ.  She wants to sell it but we have an existing tenant who has been there a long time and is over 100 yrs old.

A buyer who is interested just got turned down for a conventional investment loan from Wells Fargo b/c I think the rent would not show enough income each year with a loan. 

I have 2 1questions

a. Does anyone know investor friendly lenders who might finance this?  The buyer also bought my mothers other condo last year for cash and is making around 10% return so he needs something to shield from taxes.  Most likely the tenant will be deceased/moving with family in the next 2-3 years.

b. Has anyone done seller financing for a condo type of property?  What were the terms?  Is it crazy to any longer than 15 years?  It would help with coving some of mom's health aide bills.