100% financing on Commercial deals never left. There are several lenders that will do this on certain property types. If you are looking at residential, most smaller banks will entertain a second mortgage to 100% CLTV…but it is getting very rare.
If you’ve read many of Mike’s (Propertymanager) posts on here, you’ll see he thrives on buying numerous SFHs and smaller apartment buildings for a very low price. He’s not going to the local bank asking for a $5MM loan. Obviously not every comment will fit every situation.
Justin, I didnt mean to come off that way. Mike does a great service here by sharing his wisdom. If any one knows of a bank or mortgage company that will loan $1,000,000 or more for a MHP/RV park in Texas at 100% or even one that will loan 80% and allow the seller to carry 20%, please let me know.
Maybe I should have titled this thread, “Has anyone received a loan from Broker Enterprise?'” I’m just concerned about giving them $6K just to process my app.
have you heard the saying “a fool and his money are soon parted”? that is what is going to happen if you give those people 6K to process your loan application. that has scam written all over it.
It looks like a scam to me as well, if they are still in business in two years and in good standing with the BBB, then I might give them a shot. For now I’m looking at a 90% loan and will have to put up the 10% myself.