Seller financing for downpayment
Hi BP family -
I need some idea on financing structure. I found a Class A 4 plex in TX. Asking 2.1M. and seller is willing to finance up to 500K. I am wondering if any lenders can do 75% finance, I put 5-10% down and remainings by sellers finance. I know this was doable back to years ago, but not sure if any lenders are willing to do so in current market. Any suggestions?
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Hi @Jennifer Zhou, we are currently structuring a deal in similar way. Bank is loaning close to 80% with seller financing of 15% and buyer is bringing 5. This is a cheaper property in a small town Indiana.
Another notable part of this is buyer has a great relationship with the local bank. He has a single family portfolio and they hold the mortgages on those so they are very comfortable. Think it would be a lot different if he didnt have the previous relationship.
Just have to find the right bank!