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Updated about 5 years ago,
Bank Loan For Down Payment on Owner Finance Multifamily
Hey BP,
I'm working on getting into a mid-size apartment building (30-50 units). I am exploring options on funding and was curious on some non-traditional ways.
Is it possible to get a 10-20% (of purchase price) bank loan for the down payment on a seller finance deal? Is this something that is doable/allowed. Can a bank put a second type lean on the property as collateral for this loan? Or is this type of loan too risky for a bank.
Has anyone done a deal with this method?
Thank you!!