Second Position Mortgage?
So I'm currently putting together a deal where the bank is only willing to loan 75% of the purchase price, and I need to figure out how I'm going to cover the rest. I approached the seller for possible seller financing, but the seller's attorney won't let them, saying seller financing is "too complicated" (which sounds like bull to me... But whatever). Anyway, what avenue should I approach to get a second position mortgage - private lender? hard money lender? Another bank? What incentives can I offer to increase my success obtaining a second mortgage?Thanks in advance for your help!
Pretty good chance that your bank won't allow a 2nd mortgage, I get 2nd mortgages on my deals but only because my 2nd lender and my 1st are in bed with eachother.. work off the same docs, they keep alot of money in the bank.. relationships that go back 20+ years. If you're buying a distressed property for cheap, my advice would be to go to a hard money lender and convince them to fund 100% of purchase price based on a % of the appraised stabilized value after you reposition it.
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