Got a friend trying to sell a struggling lodge with $2M debt on a $4M property.
With high interest rates, buyers are strapped. How to bridge the gap? Creative financing.
1. Buyer gets $2M loan at 6.5%, seller finances the rest at 4%. Good for buyer, less so for seller.
2. Buyer gets $2M loan, puts $1M down, seller finances $1M at 4%. Better balance for both.
3. Buyer gets $2M loan, puts $400K down, seller finances $1.6M at 4%. Decent deal for both.
4. Contract for deed. Buyer runs the lodge, pays seller from profits, seller keeps the loan.
Thinking outside the box is key.
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