This simple note is used when your buyer cannot qualify for enough conventional financing to meet the loan to value or does not have the required down payment to make the deal happen. With document you can effect 100% financing in your deals if negotiated and used correctly. You will need a seller who is willing to take back a second mortgage in subordination to other mortgages for this document to be effective however; if used properly all sellers will close these types of deals in todays market. Remember there's no such thing as a deal tha can't be done! Keep this tool in your tool box.
Promissory Note Secured in Secondary Subordination Of Real Property Day of _______________ 2010 ____________________________, herein named as “Maker”, agrees to pay to the “Order Of” ___________________________________________________ herein named as “Holder(s)”, or order , the sum of “_______________________________________________” ($) @ % interest per annum for a term of months, and payments of “____________________________” ($); which this note shall
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