Need $100k for a Down Payment (Condo is for sale)

[Andy Bahr]

So it's not complicated but there is a slight twist. I own a condo in Chicago. It's worth about $230k and only has a $5k mortgage on it. I need someone to loan me $100k. I'll use it for the down payment, closing costs, and minor repairs to get going, on the new 14 unit property (in Charlotte, NC) is being seller financed, outside of a $50k DP. Once my Chicago place sells (it's been on the market for 2 months and my realtor told me yesterday "not to drop the price...it's priced just right (priced at $234,500), they get their money back. All of this work may be for nothing as I do have 45 days until closing, but I did want to have these conversations NOW compared to crunch time. We need to structure it this way so the seller (first time investor) feels somewhat comfortable with seller financing and has first lien position. Thanks, Andy.