Six-Plex Purchase in Watertown, NY

[Michael Lee]

I'm looking to buy a six-plex property in Watertown, NY, priced at $425k. The downpayment is 25%, with the seller financing 60% of that and me covering the remaining 40%. Each unit has three bedrooms. Does anyone have recommendations for a good commercial lender?

[Denver McClure]

Hey @Michael Lee, we just completed another six-plex loan in NY last month with similar terms for our client. I'll send you a PM. 

[Simmy Ahluwalia]

@Michael Lee - How is the DP 25% if you are responsible for the 40%?

[Erik Estrada]

Quote from @Michael Lee:

I'm looking to buy a six-plex property in Watertown, NY, priced at $425k. The downpayment is 25%, with the seller financing 60% of that and me covering the remaining 40%. Each unit has three bedrooms. Does anyone have recommendations for a good commercial lender?

I am confused on what you need. But if you are using seller financing and a regular CRE loan, the seller will need to be comfortable subordinating. The max leverage you can go on a deal like this is 90% CLTV

[Michael Lee]

The seller and I have mutually terminated the contract. Unfortunately, there was an undisclosed leak issue that my inspector uncovered, which the seller was supposed to fix. However, it has taken a long time to resolve, and ultimately, we both decided it was best to let the contract go. Thank you all for your support and advice during this process.