Is this loan possible for commercial loans?

cowboybuboy · February 20, 2006, 5:32am

I’d like to know if I can get a hard money loan for downpayment to purchase a 360k 8 unit in NY? I’d like to borrow 20% from hard money lenders or private lenders and have the 80% financed conventionally? So, it will be a first and 2nd mortgage. Any HML or private lenders who would allow this?
Thanks to all.

patti_porter · February 21, 2006, 12:05am

Yes there are hard money lenders that will fund a deal like this.

Regards,
Patti Porter

cowboybuboy · February 21, 2006, 12:51am

Any HML or private lenders who would accomodate this kind of set-up? Thanks!

Keip007 · February 22, 2006, 1:17pm

cowboy,

One of the things you need to consider is what YOU are bringing into the deal. If you have nothing into it, you will get nothing from the lender. Call me if you have any questions. If I can, I will be happy to help.