Second position mortgages

[Michael Lawrence]

Hi, I am located in Massachusetts and  looking for information on finding a lender that will do either second position loans on investment properties in order to help with down payment or cross collateral lending to finance another multifamily property. 

[Jonathan Bombaci]

I would start with that bank that holds current mortgage. If they don't do it then try the larger commercial banks like Eastern Bank, Fidelity Bank, Leader Bank, and let them know you'll use the HELOC to buy another property and would want them to do the mortgage. You're looking for a partner not a 1 time loan. Then just be sure to back it up.

Best,

Jon