2nd mortgage?

[Simon W.]

Hi BP'ers!

I tried searching on the forum and don't seem to be able to find an answer specific to mine.

I have a seller willing to sell me his portfolio of 14 properties.
I am currently still reviewing the tenants leases.
I am trying to use some creative financing here.

He told me if I want the deal, it's mine. He can introduce me to banks, who most likely do the mortgages. I know that banks don't do 100% financing.

I read somewhere about this "2nd mortgage", where the buyer can ask the the seller to do a 2nd mortgage.

I am not fully understanding this concept.

Does this mean that I ask the seller to put up the "down payment" and I just pay him monthly with terms (sorta like a promissory note?)

Thanks in advance