I am in the process of purchase a park and going through due diligence right now.
How do I handle the value of mortgages that current owner/seller currently has with existing tenant who purchased mobile home?
The first mortgage is for $20,000 - 7 years at 9% and it’s relatively new. Only a few months into it.
Second mortgage is about the same terms but at 10%.
How do I value these mortgages when we close or do I just let seller keep them upon closing?