I am looking for note investor to buy a $55,000 note for a discount of $45,000 in 3rd position on a 15 unit apt building. Worth about 68K door or $1,020,000. 1st loan: $558,000 2nd loan $104,000. Also have the option to buy the 2nd note for a total of $159,000 (2nd + 3rd). This units rent from $695-727 a month. Great location - right downtown - on a park - right at the end of the Light Rail. Rents are going up on this one just because of the Light Rail. 100% rented. This area is on the move!
3 years with option to extend 3 more
Your payments $595.83 for a yield of 15.9%!!
Why would an investor want to do this? – 3rd Position but plenty of equity to keep the investor safe and get his money back or take over the building or control the equity in the building. Great yield on investors money. Great Location – Great Collateral. Up and coming area. Walk to Light Rail. Next to park and schools. We named the building “On The Park”. Seconds from downtown. If interested in more detailed numbers please contact me directly.