Being Creative helps Everone Win

Present Condition– A business owner has owned a building for many years, this building was used for a business that was very prosperous for those years. 

The building is good condition, but now the location of the business is functionally obsolete and the owner is looking to relocate to a more profitable area. 

The building has been recently appraised for $650.000.00 there is a mortgage of 185,000.00 giving the owner $465,000.00 equity.

The owner has located a building for sale that would be a great fit for her business.

Present Position  – The owner approached the seller with the idea of doing an exchange.

Even though a 1031 exchange would benefit both parties the seller is not interested in doing a one on one exchange, but would hold a sizable note with a cash down payment.

The business owner finds a buyer for her building that has good credit, some cash for a down payment, but not 25% that a commercial lender requests, plus closing costs.

Possible Resolution – The business owner presents this buyer to the holder of the present mortgage who agrees for a fee to let the buyer assume the present mortgage.

She then creates a Note for the difference from the cash down payment and the $465,000.00 equity.

Resolution – The business owner works out a deal with the seller of the property she is looking for, where the seller agrees to the cash she received from the buyer of her building along with cash she has and the Note she received from the sale of her building to complete the deal.

Benefit to Business Owner –She sold her building and was able to move to a location more suitable for her business.

Benefit to Buyer –The buyer of her building was able to purchase a building using the resources they had.

Benefit to Seller – The seller received the price he was looking for and will most likely receive tax benefits.

A Win – Win - Win –Everyone received what they were looking for, with the least amount of problems in the shortest period time.


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