What does a Seller financing deal typically look like

[Lee Corbett]

Hi newbie here. I’m wanting to buy a 6 plex but banks are not willing to finance the deal. I was offered money from a private money lender who wanted 40% down, interest only at 9% and $9000 fee. 

I’ve often heard the term ‘Seller financing’ and was wondering what this might look like compared to a regular bank mortgage.

I assume the interest rate will be higher?

How long are they typically made for? 

Would it normally be 20% down or is this all open for discussion?

The seller is quite elderly so I’m not sure he wants to set up something like a long term loan but there’s no harm in trying right?

Any advice would be greatly appreciated.

Lee