The buyer had been working at this chiropractic practice for the past year. The seller’s wife was diagnosed with cancer and wanted to sell. The borrower had a negative $200K net worth due to student loans, 650 credit score, and did not own a home. The wife worked outside the practice.
The total project cost was $179,500. We were able to secure a bank loan for $143,500 with a $36,000 equity injection from the buyer. The rate was 6% variable for 10 years!
|$143,500 Loan Amount||10-Year Term|
|$36,000 Equity Injection||6% Variable Interest Rate|