VTB as downpayment on commercial property in Ontario

[Michael James]

Hi Everyone!

I currently have a deal on the table where the owner is willing to do a VTB to cover the downpayment for me on a multi residential building.  The property is in Ontario.  I'm hoping to get some advice from here on how I could close this deal with a 1st mortgage and have a 2nd on it as the downpayment.

Has anyone here done this in Canada before on a commercial property?

Thank you and really appreciate this community!