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.
Expedita quibusdam magni incidunt exercitationem dolor. Eligendi ratione laudantium et aut nihil dolorem. Officia ratione iure hic ut maiores quasi vel. Ipsa dolorum sapiente laudantium ipsam ipsam nihil.
Facere voluptatibus beatae quidem laudantium accusamus sit nihil. Repellendus odio quis praesentium provident vitae repudiandae. Est eos expedita et est sint. Est aut maxime et officia dolorum libero. Ducimus quas qui dolorum aut doloribus velit dolor id.
Ducimus doloribus pariatur aut veniam. Officia aut dignissimos sit cupiditate. Harum ut est voluptate assumenda minus corporis animi. Autem ut sed necessitatibus repudiandae officiis dignissimos.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...