I have an owner finance deal that is a fully rented cash flowing multifamily property. I'm looking for a direct lender to hold a second position since owner is holding first.
The funds would go towards the down payment and some value-add as well directly to the title company/attorney for closing.
1- I will allow you to place a lien on the property until you get your money paid back plus interest 2- Create a Promissory note. 3- Personal Guarantee.
Deal is in New York and I'm looking to move forward very fast. This could even be a Gap Funding.
Lender · Toledo, OH · Member since 2015 · 1k+ posts · 96 votes
10mo
Richard — sounds like a solid structure. If you're open to working with a private capital source that can take a 2nd position, I may have an option depending on how the first-position note is written and how clean the title comes back.
A couple quick qualifying points so I don’t waste your time:
Current value and purchase price?
Is the seller’s first-position note recorded?
Any seasoning requirements or unusual clauses in the seller-finance paperwork?
DSCR or current cashflow numbers?
If those check out, I can help you get the $150K gap piece placed fast with interest-only terms.
Shoot me a message and we’ll see if it’s a fit.