Updated almost 3 years ago on . Most recent reply
Seller financed down payment
Hi BP - I've posted about this topic before, but wanted to ask an open ended question instead. I have a seller who is willing to finance down payment funds, but my lender does not allow for a second lien on the property. How can I legally do this deal while still giving the seller the property as collateral? Is it possible?
Most Popular Reply
Our favorite lender will do this. The catch is that the owner has to take a second position on the lien. That means if you foreclose, the bank gets their money first and the seller gets whatever is left over. Ask around to a couple of different banks and ask about commercial loans. There are banks who will do this.
Would the owner do 100% financing? Thats always an option.