Business English: A Practice Book by Rose Buhlig

explain that, although the first mortgage on the 12 flat building for $25,000 still has 3 years to run, you would like to arrange for a 10 year mortgage for $20,000, if your prospective buyer takes the property. (_b_) Write to George R. Scott, who owns the building, offering him the second mortgage. Explain that although it is a second mortgage the fact that $2,000 of the principal is paid each year makes it attractive. (How would the owner benefit if the buyer failed to make his payments after 2 years?) Sign yourself Francis L. Russell.