Updated over 3 years ago on . Most recent reply
Partial seller financed + traditional lender financed multi fam.
Working on purchasing a multifamily unit with my dad and brother and we're trying to come up with creative financing solutions to purchase a multifamily from 2 family members who own the house 50/50. We discussed seller financing with them and ultimately only one of them was interested. This will be our first investment property. We're able to pull equity out of our primary homes for a down payment for the seller financed portion and the traditional financed portion.
Question is will a traditional lender be ok with financing the other half of the home value (with 20% down) and simultaneously holding the note with our family member?
Are the other things to consider that I'm not aware of? Looking for some direction or other creative ideas. Thanks