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Updated over 7 years ago,
Creative financing in Ontario?
Has anyone used creative financing successfully in Ontario? I met with a mortgage agent to discuss options they had available. I was thinking of proposing seller financing on a couple of investment properties in the areas. (specifically small multifamily properties, currently being sold, so from investor to investor). The only reason I would be looking at 'creative financing' would be to reduce the down payment below 20%. If this were not the case, I would be looking at traditional financing.
I guess I could look at seller financing for the entire mortgage, or at lease option to get into the property to begin with. However from the sounds of the mortgage agent, mixing seller finance with traditional mortgages (less than 20% down payment) would be very difficult to pull off.
Any input would be great.
Andy