Eindhoven, Noord-Brabant · Member since 2014 · 14 posts · 3 votes
Hi there,
I am new to all of this and have a question about loans. Just to be clear, I am not trying to solicit anything. I just want an answer to my question.
So, my question is about getting a loan. I know that most mortgage companies want a down payment and this makes life difficult for me as I am a student with a large study debt.
What I want to know is if there are people or organizations active on Bigger Pockets that will give me a loan for the down payment after reviewing my business plan.
And to make sure that I don't offend anyone, please don't offer me any services etc. I don't want to be banned from this forum.
Thank you very much for any information that you provide.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
12y
@Dunstan Midlane I see you're from the Netherlands. Lending practices may be different there. Here in the US you generally cannot borrow the down payment. Well you can, but you'll have to reveal that to the primary lender and then they won't do the loan. Or, if you hide it from the lender that's loan fraud. Now, if you get a hard money loan to rehab a house, you may be able to borrow some additional cash from another source and the lender will be OK with that. But generally if the lender wants a down payment they want it to be your money. They want you to have "skin in the game".
Eindhoven, Noord-Brabant · Member since 2014 · 14 posts · 3 votes
12y
Thanks Jon. I assume that similar regulation will apply here in The Netherlands as well. I was kind of hoping that there would be "small time venture capitalist" type businesses that might provide such a service, but I totally understand why that is difficult.
Thanks again for your response. I will simply have to find myself a venture capitalist and pitch him my idea.
Maastricht, The Netherlands · Member since 2013 · 131 posts · 18 votes
12y
Hi Dunstan,
The Netherlands will be difficult for what you're trying to accomplish. I don't know what kind of business plan you have, will be happy to review it for you, but there are a myriad of regulations in this country. It's a long story, but the crux is that without cash for down payment, you'll have a hard time.
Perhaps, and don't take my word for it, you could market to someone willing to do seller financing lest they go into foreclosure. But watch out for all the rules and regulations you might come across if you take that route.
Eindhoven, Noord-Brabant · Member since 2014 · 14 posts · 3 votes
12y
Hi Thierry,
Yes I know that the Dutch regulations for lending are strict. And I have been looking for alternative sources of financing, have not yet been able to find something.
I am not familiar with the use of seller financing here in Holland, but I am sure that all I need to do is find a private investor that likes my business plan.
Once my business plan is complete I will send you a copy for you to have a look at. I really appreciate your offer.
Eindhoven, Noord-Brabant · Member since 2014 · 14 posts · 3 votes
12y
Hey @Thierry,
I have a few questions for you.
Where about are you active in Holland?
And what sort of real estate do you invest in most?
I'm happy that I have found someone on this website that is active in Holland. I like the idea of learning a bit about what someone else is doing here. Someone that has gone before me and has "made it".