we are holding a first on a commercial bldg. the owner wants us to take
a second on his attempt to refinance. what pitfalls? we are getting 7%
He is threatening to pay us off. I think he's bluffing.
time will tell. eh?
--
Impeach Bush ! a noble cause
Operation Iraqi Liberation = O.I.L.
In article <>,
A Veteran for Peace <> wrote:
> we are holding a first on a commercial bldg. the owner wants us to take
> a second on his attempt to refinance. what pitfalls? we are getting 7%
> He is threatening to pay us off. I think he's bluffing.
> time will tell. eh?
The pitfall is that you get left holding the bag, but this
time, in 2nd place rather than as the first mortgage holder.
Just say no, unless you get a little more incentive. A 2nd
at a conventional lender is up to 7 to 7.5, so getting 7
is no real premium. Ask for 10 or 11.
-john-
--
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John A. Weeks III 952-432-2708
Newave Communications
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