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Updated about 4 years ago on . Most recent reply

Khizer Husain's profile image
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Khizer Husain
  • Member since Jul 25, 2020
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Khizer Husain's profile image
Khizer Husain's profile image
Khizer Husain
  • Member since Jul 25, 2020
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Khizer Husain
10
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64
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Creative Real Estate Financing

Seller Carry 2nd position

Khizer Husain
Posted

I am doing some commercial deals and the seller will be carrying about 5% in 2nd position, is there any risk by not telling the bank or lender about this? Some lenders have various rules and it complicates deals. I am considering not 

Seller would be OK to take the lien after the deal is closed. Please inform and guide 

Thank you

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Derek Dombeck's profile image
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Derek Dombeck
  • Real Estate Consultant
  • from Wittenberg, WI
  • Member since Dec 20, 2014
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Derek Dombeck's profile image
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Derek Dombeck
  • Real Estate Consultant
  • from Wittenberg, WI
  • Member since Dec 20, 2014
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Derek Dombeck
  • Real Estate Consultant
  • Wittenberg, WI
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572
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Derek Dombeck
  • Real Estate Consultant
  • Wittenberg, WI
Replied

This is called mortgage fraud. Don't do it. It may take more work, but find a lender that will accept the deal.

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