Updated almost 10 years ago on . Most recent reply
second mortage lenders help
Good evening BP community, so after creative financing brainstorming I think I have an understanding (feel free to correct me ) of how to use the no money down idea. So using this example (made up numbers) lets say I come across a 4plex for 100k every thing looks good and all units are rented. so I go to my local bank and apply for a commercial loan, 20% down with a 25yr payment period. Now I don't have the down payment (20K) so I talk to the seller who is willing to seller finance as a second mortgage for a 10yr payment period. The lender approves and I close on the deal. Next I rehab and refinance (BRRR I believe) the property is then appraised at 200k. So now I take out an equity loan in which the bank is willing to do 80% ltv (80k). I use the 80k for my next down payment and repeat the process. So if the method is correct my question is simple, Does anyone have any suggestions of good commercial lenders that will work with me on this method?