Com loan - seller 2nd - 565 FICO

Okay so 565 FICO is not so hot, but buyer really wants the property.

Asking price is only $130k for a 7 unit motel with 2 bedroom attached OO home.

The sellers hold a LC of $90K. Holder of the LC is willing to negotiate the LC to whatever the lender wants.

Note that the buyers were approved for a deal until the broker said “whoops!” We thought it was a B&B now we can’t do the deal.

It was suppose to work like this: $115 mortgage, $23K on the LC - which would cover the pp of $130 and $8k closing costs on an amended purchase agreement (already accepted by all parties) of $138k.

The buyers are all packed and ready to move to Michigan from CA June 13 and need this deal done! Broker is a very poooooooooor communicator and has not returned calls in 2 days.

Any help would be appreciated.

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Sounds like its time for you to find a new broker. 8)

Pretty sure we did and its someone who communicates too!

Have not heard from the “old broker” for almost a week “I’m going to submit this to our commercial lenders and get back with you in the morning”.

Communication is key in this industry!