Which ways can I go about this? I know it’s possible to get a hard money lender as a 2nd lien position, but I believe not many would take this chance. Is that the only way or are there other possibilities to get 20% down on a commercial property without having the funds of my own?
Real Estate Broker · Kansas City, MO · Member since 2017 · 536 posts · 292 votes
4y
What's the price point and location? This and more we'd need to know before really being able to answer your question... This simple answer is "Yes, of course!"
You may have to look into getting private money or traditional financing for it. If it's a larger deal then you may need to bring in a partner or backer on the deal somehow. If the deal is sweet enough then finding the money would be easy... The harder part then would be vetting your partner or financier and coming up with and then coming to an agreement on terms that are reasonable.
If you have something papered up or on a spreadsheet with #'s to show what you got then that'll certainly help! If you're not under contract yet then you'll also have to be mindful about who you share it with and how you share it. Cheers, and good luck! :)
yea this is always the struggle right. i just talked to my HML today and he mentioned he can set me up with a loan that would act as part of the down payment funds. happy to share more.