Seller financing 15% buyer 10%, still can't get a commercial loan

[Tom Anderson]

Looking for some advice and or creative ideas on a commercial property I'm in contract on. Seller has offered to hold 10 to 15% of the property at a great rate for 8 years. I'm being denied a mortgage because I'm only putting down 10% and there is a second mortgage to the owner. The commercial property is one commercial on the main floor and 3 residential units above it. Very cash flow positive even with 2 mortgages.

Does anyone know if Commercial Lenders would create a mortgage on 75% with the buyer putting down 10% and the seller holding 15%? Or if Commercial Lenders that would be open to just 10 or 15% down on a commercial property?

Love to hear any creative advice on my options.

Thanks in advance!

[Ash Patel]

I would look to a local lender and throw them a bone such as refi'ing your other properties with them if they get this deal done.  I say it a lot but I would rather pay a little higher to know that my lender will always finance my deals.  I believe you should build a relationship with a good local lender.

I contact my lender when I am under contract then again when I know the closing date.  It's nice not to have to submit miles of paperwork with new lenders each time.