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?
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%.