I have a property I want to buy that that the owner is willing to carry back part of the purchase. The property is storage units. The purchase price is roughly $600K and he is willing to carry back $200K. Currently the SBA is loaning on storage units with an attractive package. We recently closed on another deal very similar with a local bank and the SBA. Is there a way that I can use the owner carry portion as the down payment? I am not super savvy on the rules of lending so I am sorry if my question proposes something against lending regulation. My intention is not to do something illegal or unethical, but get an answer from someone other than the bank. I know the bank's stance will be for me to put my own money in so I have "skin in the game". While I respect their approach, I would like to hear if their are any other options to get creative. I have an individual who wants to partner and will put the down money in, but I would rather take this one down without a partner if possible.
Thanks in advance for any help or opinions.
@ Garrett Foster There are few alternative commercial lenders that will allow you to use a seller carry back. We have a few lenders that do this. But it is a case by case basis, but it can be done.