Updated over 7 years ago on . Most recent reply
Looking for advice on the down payment for a 6-plex
I put a contract on a 6 plex with a business partner. We were wanting to put less than 20% down on this project. Our bank we usually go through will not work with us and is demanding 20% down. We talked to a few other banks and some are willing to do 15% with higher interest rates. We both already have rental property and equity in the properties. Could we leverage some of the properties against this project for our down payment?
We are trying to make this deal work. Any advice would be greatly appreciated.