Piggback Loans - Looking For A Commercial Broker Who Could Assist

[Myles Cardenas]

Hello BP Family,

I'm a newby, trying to get my feet off of the ground and pull the trigger on my first deal. My biggest obstacle has been securing the financing. Hard Money rates are too outrageous, some conventional lenders will lend for the purchase price but not the rehab, and lines of credit are an option but it's hard to get a business loan large enough to cover 100% of the purchase plus rehab if any.

So, here's where I stand. I want to do an 80-10-10 loan, or piggyback loan. 80% from a small bank, 10% business line of credit from a larger bank, and 10% downpayment from me. I believe I understand the steps for this financing option, but I'm trying to figure out how to go about securing the 80% from a small bank. Has anyone done this model before? Any small banks or commercial broker connections that you would be willing to share? I'm eager to get started, but truly want to make sure I do this the right way.

Looking to get in with a smaller bank right away who would be willing to assist on the 80%. I saw that KeyBank does piggyback loans, and will be doing some research on them immediately. Any advice is appreciated guys. You all are the experts, so I can't wait to get your feedback.

Thanks BP Family,

Myles Cardenas