Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Commercial Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 9 years ago, 03/12/2016

User Stats

209
Posts
58
Votes
Joseph King
  • Louisville, KY
58
Votes |
209
Posts

second mortage lenders help

Joseph King
  • Louisville, KY
Posted

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?

Loading replies...