Syndications and Mortgages
Hey all! I'm a long-time bp lurker and this is just about my first actual post.
My question is, assuming there is no owner-financing involved & we aren't syndicating the full purchase price, how does one apply for or receive a conventional loan while syndicating the down payment? For example if the purchase price was 1m and the I syndicated a 300k down payment, would I first have to get a conventional mortgage in the deal sponser's name? Do you get the mortgage before or after raising the capital?
Sorry if this is a total amateur question but its been on my mind for some time now and I can't seem to gain an understanding. Thanks in advance for your help!