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Old 09-28-2005, 06:29 AM
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Default DFW, TX: Need 20% LTV Loan, Hard or Equity, possible 2nd?

All,

I have found a 90+ apartment complex with an assumable
mortgage that is in distress. The owner simply cannot
handle the property and needs to sell ASAP. I need
$500,000 and I can have the property, taking over the
current mortgage (for $2.1M, I believe) at 7.65
percent locked out until 2006. Anyone know how I can
best find the $500,000 to take over his equity? This
needs to happen ASAP, it has to be subordinate to the
original mortgage. Is this a candidate for hard money?
What about equity financing? This is my first
experience with assuming a mortgage with such a large
equity gap.

Any help, resources, etc. etc. would be greatly
appreciated.

Thank you,

Tad

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