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Updated over 8 years ago on . Most recent reply

User Stats

113
Posts
47
Votes
John Hyatt
  • Investor
  • Glendale, AZ
47
Votes |
113
Posts

10% down commercial loan?

John Hyatt
  • Investor
  • Glendale, AZ
Posted

There is a great commercial deal for around $350k that I am trying to purchase. I hate to walk away, but it's a tad out of reach. As a last ditch effort I wanted to reach out to see if anyone has any ideas with 10% down. Here is my scenario:

I own two houses with a combined equity position of about 150k

Have a great job 

Have 10% down 

Can get a realtor commission 3% that I can apply towards the deal

The dilemma: the deal won't last long, but I want to try to see if anyone has any creative ideas to get financing? The seller will only finance 25k. Is there such a thing as a 10% dow money loan on commercial real estate? 

Most Popular Reply

User Stats

811
Posts
419
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Darren Budahn
  • Investor
  • Milwaukee, WI
419
Votes |
811
Posts
Darren Budahn
  • Investor
  • Milwaukee, WI
Replied

Also what am I missing here?

You need 70k for a down payment. You said you have 10% (35k). Plus the seller financing 25k. Plus the equity in your other houses. Seems like you have more than enough for the down payment.

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