Can someone shed some light on how to structure conventional financing for part of the purchase price when the seller is willing to carry back a 2nd mortgage?
Purchase price: $100,000
Seller 2nd: $ 30,000
Need financing for: $ 70,000
Will any/most/few financial institutions finance a portion of the purchase price to allow the seller to take a 2nd?
Is it possible?
What’s the name of this type of financing?
Is it better to use a HML instead?