I been looking at a 16 unit that are 4 four PLex together in the same lot. The owner is willing to carry some of the loan. How can i structure and what lenders would accept a note fro the seller? The property is 1.3 Million.
I would like to be able to use the seller finance with a commercial loan to put the deal together. I wonder if anyone here has ever done this or something similar.
I am working on a similar purchase...and am asking the same question as you Jorge. I was recently told by a lender that the portion the seller is willing to carry, let's say 20%, does not count towards my down payment, or even the amount that I need for my down payment (they made it sound like I don't, for instance, need 20% less for my down payment)...but that it is still based on the entire property purchase price, regardless if the owner is carrying 20%.
I'm curious to know what you have heard, or if any other lenders or buyers can chime in.
I'm been searching and talking to lenders too. So far I been hearing the same answers as you have. I'm also researching lines of credit and private money. I do have a call with a mortgage broker and i will report back what I'm able to find.
I will keep you posted if I hear anything new.