VTB to a Bank Refinance
Hey BP Community!!!
Does anyone have advice for moving from a Vendor Take Back mortgage to a bank?
I just closed my first Multi-family deal! I got a duplex at below market value, 100% seller-financed. The seller and I agreed on 2 years of interest only payments, and then I will need to pay out the mortgage in full. We are both open to re-visiting those terms at the 2yr mark (i.e. continue with interest+principal payments to the seller, no bank).
It is only smart though to plan as if I will be doing the re-fi through the bank. I've never done that before, what do I need to know and what do I need to prepare for?