Will lenders accept a seller taking back a 2nd for the 20% downpayment?
What about if I have a partner funding it? Are there any other ways to satisfy the lender without using my own cash for commercial transactions?
Full Version: Funding for downpayments
They usual only allow 100% on multi family, generic office strip. The bank wants you to take the risk as well. But there are one or two lenders out there that might work with you. You may want to look at a lock out clause. also what kind of numbers are we talking about?
QUOTE(warsh101 @ Sep 9 2005, 02:37 PM)
They usual only allow 100% on multi family, generic office strip. The bank wants you to take the risk as well. But there are one or two lenders out there that might work with you. You may want to look at a lock out clause. also what kind of numbers are we talking about?
Numbers are:
Price: $625,000.00
Net income: $62,050.00
24 units; GRM 4.20; CAP 10%
This seller has an assumable loan with only 10% needed for downpayment. Two questions: (1) If using new financing, could this be done at 100%? (2) Any other ways for satisfying the 10% such as a 2nd mortgage since existing is assumable at 6.5%?
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