I currently have a deal on the table where the owner is willing to do a VTB to cover the downpayment for me on a multi residential building. The property is in Ontario. I'm hoping to get some advice from here on how I could close this deal with a 1st mortgage and have a 2nd on it as the downpayment.
Has anyone here done this in Canada before on a commercial property?
Thank you and really appreciate this community!
I did this on a Multi-residential property (5 Plex). The owner did a VTB for 20% and the mortgage company approved the first at 80% with the VTB as a 2nd.
Roy, thank you for sharing. I’d love to chat and get your advice on this! Really having trouble finding the right person to speak to about this.
Sure. Text me this afternoon and then I can call you back.