How to structure a seller finance with another loan?

2 Replies

Hello Members, 

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. 

Thanks, 

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.  

Hello Issac, 

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.