I have a property that will appraise for 5MM. The seller is asking 3MM. Of course the lender is not going to loan but 65% of 3MM. Is there a way I can structure the deal with minimum out of pocket cost for borrower - seller taking back a second. Would a second be viable for a hard money lender?
Or do they want to see the 35% brought to closing by buyer?
Thanks
Hi,
I don't know exactly what kind of property your looking at, but there are hard money / private money lenders who will make funds available based on the current appraisal with the idea being an immediate refinance and pay off of the underlying debt.
If the property condition, financials and location are good, it can be done.
You will need you or your group to all be 700 mid score plus!
This is commercial financing so your credit is checked to insure stable management and ownership.
You will probable have to cover expenses and misc costs out of pocket, but should not be huge.
GR
I have a loan product just for you. Do you have the 20% down that’s needed? Please advise.