I have a buyer for a five unit ( commercial ) rental property i have, the potential buyer said he is doing a 5% down on this deal and said he already has the commitment letter…i have never dealt or heard of a 5% down on commercial loan unless thru a " HML " …but, i haven’t done one myself in a bit…i forget the name of the bank my realtor told me he was using, just interested to see if they are out there…
thanks all
there are probably a select few banks willing to do 5% down on small projects but even less people know about them…If i was you and you sign a contract…i would check out his escape clauses so he doesnt walk away with the earnest money just incase he can not get financing…
hey thanks for the reply,…when we first started negociating, the first thing i told him was to go get financing…which he did…then i seen the %5 down clause…and a red flag went up…he is using a " republic bank, owner occupied commercial property program " …and did give me an earnest deposit of $10,000 at signing of p and s… just the inspection to worry about