Borrower owns her home outright. Tax assessed at $170k She is 2 years behind on taxes that total $7k. There is a salon that has been open for 7 years bringing in $300k annually that she would like to buy. The salon is for sale for $90k She would like to put $30k down and the owner is willing to carry the balance. Alternatively she is willing to lien her home for the entire balance and work towards refinancing into a permanent commercial product in 12-24 months. They are hoping to close June 15th.
Is this something any of you lenders would have an interest in?
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