wholesaling an owner financing deal ...

[Joseph Hartman]

My partner and I have a commercial deal that we would like to either flat out sell the contract and buyer use the seller financing thats available and we collect our assignment fee that we negotiate....
or perhaps we get creative and do a double close..
like this: we 1st close with seller using buyer funds (40k) to create a note with seller and when we second close with end buyer - we create a new note thereby creating a "spread" allowing us to make a monthly income between the (2) notes...Let me explain and please give me your input.

Here are the details:
Commercial building zoned BL - has fire damage would need to be partially rehabbed as a result. End buyer would rehab.
Sale Price: 85k (Property is free and clear) negotiated
Down payment required: 20k
Seller financing: $1,000/mo payment - willing to accept a 10-15 year term @ 4% rate.

Our Buyer:
Purpose: Buyer needs new place of business-successful growing home improv. business who is a subcontractor of mine - very attracted to owner financing and wil complete rehab at own expense.
Willing to Pay: 125k purchase price
w/ Down Payment of 40k (20k to seller and 20k to us)
Terms: TBD but would likely accept terms of: approx. $2,000/month pay. 5-10 yr. term @ 8-10%
possible balloon payment in play as well

We dont want potential legal ramifications from a deal structured this way.
But the way were looking at it, and as you can see, this would be a very nice note spread that we'd d like to pull off - with a double closing or another method, in lieu of just an upfront assignment fee and be finished with it scenario.

Is there a way of doing it? via a double close ?

What is the safest way to get our selves in the middle of this deal to collect an upfront assignment fee and a spread between the notes - with what seller wants and what buyer is willing to accept??

We have it under contract now with clauses stating contracts assignable and the desire to use seller financing is built into contract.

Is this too complicated? Should we just take a assignment fee and be done or can you suggest a way for us to double close and create (2) notes??

We've completed dozens of wholesale deals and made a ton of money by just flipping - but never done this before.....

I appreciate your advice greatly!!