I want to put 50k down on owner financed deal, but only have 20k, what should I do?

[Orion Walker]

Hi Folks,

As the title suggests, I'm looking at an owner finance deal (6 residential units plus 3 commercial spaces,485k asking price) and I think they'd consider an offer with 50k down. I have about 20k available at the moment and I'm wondering what my best bet might be for the additional 30k. Will a hard money lender fund a deal like that? Maybe do a 35k loan from a crowdfunding site like Prosper or Lending Tree? Should I make the offer and then come up with the funds, or wait till I have funds? Obviously time is an issue as I'd like to make that offer and get the place under contract asap. Other options/ideas that I'm missing? Thanks!

[Richard C.]

You're asking someone to fund a second mortgage when the LTV on the first is over 90%. Your personal skin in the game would be around 4%. I cannot imagine any actual lender funding this, so a crowdfunding site might be your best bet. Have any credit cards you can take zero/low interest advances against?