I have a question regarding apartment financing. I have found a place I am interested in buying and it currently has an assumable loan for about 50% of the selling price, the other 50% is the seller’s equity.
There are two problems with assuming the loan; the first is that it has a balloon that will be due in 3 years, the second is that the seller, while he is willing to carry 30% of the equity, he wants the other 20% in cash which I don’t have.
So, my thinking was that the way to go would be to bring in new financing. I figured I could pay off the old loan and give the seller his 20% cash… new loan = 70%, owner carry = 30%
I have seen plenty of loan programs for 80% or less, but the problem is that the lenders don’t seem to allow owner carry financing.
Anyone know of a program that will give me 70+ and allow the seller to carry the rest?
Also any other comments on this would be welcome as well.