[WSBAPT] Getting loan in purchasing partial interest in property

[Jennifer Sohn]

Hello, my client owns a commercial property with 2 others. There is no
mortgage on the property. 2 of the owners will be bought out by my client's
son, and the son needs to get a loan to purchase this partial interest. The
desire is for my client to continue to be debt-free on her 1/3 interest,
and for her son to be the sole person responsible for his loan.

The problem is, there is no bank who will make a loan to the son with only
2/3 of the property as collateral.

Has anyone dealt with this situation? How does a tenant-in-common normally
get a loan (does he always need the other tenants-in-common to put up their
interest in the property as collateral when he needs a loan?)

Thanks!







-- 

Best regards,



Jennifer Y. Sohn

Attorney at Law

(Licensed in CA and WA)

Sohn Law PLLC

10900 NE 4th Street, Suite 1850

Bellevue, WA 98004

Tel: 206.617.7874 / 425.633.2678

Fax: 425.732.9748

Email: jennifer at sohn-law.com

http://www.sohn-law.com



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