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Updated over 5 years ago,
Commercial Mortgage Questions
Good Afternoon, I currently lease a mixed used commercial/ residential building. I would like to buy it and the owner is really motivated. If my estimations are correct the property is worth about 750k. The owner has moved away and has agreed to sell me the property for what he own on the current mortgage, which is about 430k.
Every bank i contact is still requesting anywhere between 20-25% down. Is there anyway to use the positive equity towards obtaining a loan?
Any info would be greatly appreciated.
Thank you,