Advice on seller finance deal

[Andrew Fogle]

Hello everyone, 

First time post, looking for some advice. I’ve found a property, an apartment building. Owner is looking to seller finance for 30% down payment, remaining 70%  at 7% interest, first 5 years interest only. I’ve got about 1/3 of the down payment cash, I’m unable to get a loan for the remainder from the bank. Looking for ideas on how to come up with the remainder of the down payment or change the terms so the seller may agree. ALL IDEAS WELCOME! 

Thanks

[Daniel Umstead]

Quote from @Andrew Fogle:

Hello everyone, 

First time post, looking for some advice. I’ve found a property, an apartment building. Owner is looking to seller finance for 30% down payment, remaining 70%  at 7% interest, first 5 years interest only. I’ve got about 1/3 of the down payment cash, I’m unable to get a loan for the remainder from the bank. Looking for ideas on how to come up with the remainder of the down payment or change the terms so the seller may agree. ALL IDEAS WELCOME! 

Thanks

Greetings Andrew,
I would get an OM completed for the property with the details and specs and present it to a local REIA or reach out to a couple of investors who they might know that would be interested in speaking further about the terms. Don't feel that you need to do the deal alone, most deals are usually done in a JV format so that there is not that much risk put on one individual. Good luck to you!