Need help with assumable loan deal

[Mitul Gandhi]

Hey everyone,

I could use some advice on how to navigate a real estate deal I'm working on. Here are the details:

• Assumable loan balance: $750k at 2.75%
• List price: $950k
• Downpayment needed: $200k to cover the difference

My initial plan to make this deal work included a few options:

1. Getting a loan for the $200k difference.
2. Bringing in a partner.
3. Asking for seller financing.

However, when I discussed these options with my agent, I hit a few roadblocks:

• Second Mortgage: My agent said no bank would provide a second position loan for the $200k.
• Seller Financing: He mentioned that 99% of sellers would reject this, though we're asking anyway.
• Agent's Advice: He suggested I just get a conventional loan and put 5% down for the full $950k, but I feel this defeats the purpose of leveraging the assumable loan.

Given these challenges, I’m trying to figure out the best way to raise the $200k. Here are a few questions I have:

1. Second Position Loans: Has anyone successfully obtained a second mortgage in a similar situation? If so, how did you manage it?
2. Private Money: Does anyone have connections or suggestions for private money lenders who might be willing to finance the $200k?
3. Hard Money Loans: Would this be a viable option for bridging the $200k gap? Any experiences or advice on this would be greatly appreciated.
4. Small Business Loans: Has anyone successfully gotten a small business loan to fund a down payment?
5. Down Payment Assistance:  What do I need to qualify for downpayment assistance? 

I’m really trying to make this work because the assumable loan at 2.75% is a fantastic opportunity. Any advice, connections, or suggestions would be incredibly helpful.

Thanks in advance for your help!