Banks that will allow owner to do 10% carryback

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Banks that will allow owner to do 10% carryback

Ian Reeves
Rental Property Investor · Shawnee Mission, KS · Member since 2016 · 58 posts · 52 votes

Hey guys,  I am an investor in Kansas City.   I sell a few turn-keys here and there to fund my own portfolio and I would like to help my buyers grow faster by offering 10% owner carry-back.  I am looking for suggestions on banks that would allow this.  Thanks in advance!

-Ian Reeves

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Michael Niemeier
Sedalia, MO · Member since 2017 · 29 posts · 9 votes
9y

I'd think Arvest and Morrill & Jane's would be a little more flexible but Shawnee may just be a tough area to sell that pitch. Check first community bank or Brotherhood bank and trust. I think whoever you talk to you will need quite a sales pitch to get this to happen. Good luck.

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  • Michael Niemeier
    Sedalia, MO · Member since 2017 · 29 posts · 9 votes
    9y

    I'd think Arvest and Morrill & Jane's would be a little more flexible but Shawnee may just be a tough area to sell that pitch. Check first community bank or Brotherhood bank and trust. I think whoever you talk to you will need quite a sales pitch to get this to happen. Good luck.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    probably a non starter.. but in my day the 80s  this was how it was done

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  • Austin Fruechting
    Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
    9y

    You can contact durw @mutuailmail.com - Mutual Savings in Leavenworth KS.  They may be able to help out as long as you have skin in the game too. 

    1Reply
  • Stanci March
    Rental Property Investor · Lawrence, KS · Member since 2016 · 84 posts · 20 votes
    9y
    Test. Unable to post.
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  • Stanci March
    Rental Property Investor · Lawrence, KS · Member since 2016 · 84 posts · 20 votes
    9y
    Austin Fruechting, Thanks for the post. Would you mind double checking the bank's email? It's coming back undeliverable. Is there a specific person there you like dealing with there? Thanks, Stanci
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  • Michael Henry
    Real Estate Consultant · Brookfield, WI · Member since 2014 · 873 posts · 350 votes
    9y

    @Ian Reeves - Call around to some local banks and credit union in your area. Lenders are still doing 10% owner carry-back. A matter of fact, I just found out that I local credit union in Milwaukee, WI is doing 100% financing or no money down financing when the property appraises out at 80% LTV.

    We're back!!!!

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  • Ian Reeves
    OP
    Rental Property Investor · Shawnee Mission, KS · Member since 2016 · 58 posts · 52 votes
    9y

    @Michael Henry - Awesome, thank you!  Now if only it wasn't so competitive......

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  • Austin Fruechting
    Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
    9y
    Originally posted by @Stanci March:

    Austin Fruechting,

    Thanks for the post. Would you mind double checking the bank's email? It's coming back undeliverable. Is there a specific person there you like dealing with there?

    Thanks,

    Stanci

    That email is for Dru, a loan officer there  druw @mutualmail.com  

    1Reply
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