Partial Seller Financing Question

[Bianca Rodrigues]

Hello everyone!

I have an opportunity to purchase a mixed use property that seller is open to using partial seller finance. The property has two residential units on the second floor and first floor is a retail space. The seller has an existing mortgage on the property and would like to discuss a partial seller finance deal. I am new to creative financing and don’t exactly know the ins and outs of what would be the best way to approach this. I’ve done some research and have found that some banks will allow the seller finance portion from the seller to go towards the down payment of the loan, is that true? Looking for any input or advice on how this strategy actually works. Thank you!