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Orlando Commercial Note Purchase- Need $

Posted by Eric Van Auken on March 9, 2011 at 12:37am

Hello I recently won an REDC auction to purchase the assignment of note on commercial strip in Orlando Florida.  The loan is being purchased at $955,000 with a balance of approx. $2.1M.  The current value of the property on a fire sale is $1.8M.  The yearly gross rent roll is approx. $280K. 

 

This is an excellent deal that I would entertain an assignment of or if interested in funding a portion of the purchase in exchange for proportional stock in the assignee LLC entity to be formed.

 

This needs to be commited to ASAP.  Anyone seriously interested please let me know via email at eric@homesmartnj.com.

 

Any questions or if you would like more details dont hesitate to contact me.

 

 

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  • Eric Van Auken March 30, 2011 at 11:30am

    Well I guess no one was interested in this one.  I closed it last week and am negotiating a deed in Lieu. I recently received an offer of $1.5M countered at $1.9M but will take $1.7M for a quick score of $700K!  Not bad for a couple hours of work!

     

     

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