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Updated over 3 years ago, 04/20/2021
Commercial Mortgage + Seller Financing = Need Advice
Hey guys! I am trying to buy an 8-unit multifamily property. The seller has agreed to the owner finance/carry 40% of the purchase price (second position). Ideally, I would put 5-10% down and then get the remaining 50-55% from a lender/bank. The property would cash flow decently even with such a low down payment and conservative rental comps. The PP is $295,000. So far I have only purchased single-family properties so I am not exactly sure how to find financing for commercial. Any tips on how to find lenders who would allow the seller to carry a portion of the PP? I would still have some skin in the game in terms of down payment but not as much as 25-35%.