Buying apartment advice

I am looking to purchase an apartment building and need advice. Is there a way to creatively construct an offer for the following scenerio that will utlimately create 100%financing?

Sell price…$500,000
Appraised at $610,000
Commercial lender to finance at 90%

My problem is satisfying the 10%. Is it legal to arrange with the seller to sell for 610,000 so the 90% financing will cover entire price and forget or negate any balance?

Any other ways to raise the 10% short of out of my pocket? Private investors, Hard money that commercial lender will accept for the 10%.

Any advice is appreciated. I have several buildings that cash flow adequately to hancle the monthly payments but need to get the 10%.


In reference to your question about legality…Yes. That is illegal.

If you have other properties why don’t you pull some equity out of them for the downpayment.

You can get 75% financing from the lender and 20% financing from the seller and only pay 5% down.

It does not get any better than that.