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Mike also shows Stacy comps supporting the current "As Is" value of $300,000. However, Stacy just has to fund $210,000 for that acquisition a few repairs associated with the large discount Mike negotiated on house. So you're able to Stacy feel happy because she knows that if Mike disappears, she takes back a house worth almost $100,000 more than what she loaned on! SHE HAS EQUITY!
Promissory Note - A promissory note is written contract that's not
