I paid 85% and now I need more money to payoff

Financing, Hard Money Lenders, Private Money
1

seller financing. How can I do this? My local bank gave me enough to pay 85% of a negotiated price where the seller will carry 15% back on a multiple property acquisition. Where can I borrow money to pay off the rest and make neccessary repairs if needed?

Thanks and God Bless,
Brandon

2

I believe you want a mezzanine loan.

3

I’m confused. 85%+15%=100% financing. Why do you need more money? For repairs? Sounds like the bank is ok with financing the 85% while the seller takes back a second.

Nate-WI