All Forum Posts by: Richard David

Matt,
Your best bet is to locate a local community bank lender in your backyard. They will be the best ones to seek a small commercial loan. I find that by working with local banks on small to medium sized deals is always a step in the right direction, leading up to larger loan requests. Remember, banks want your relationship, more than ever. If you can manage to fit in their criteria, the better. Hope this helps.

Richard David
Bancofino of New York
[EMAIL REMOVED]

Lon,

I agree with Peter. The average LTV today is around 70-75%. Some lenders do accept a seller second, but most want you to have "skin" in the game, therefore a seller second is frowned upon and not allowed. My suggestion is to secure a first at the maximum LTV possible and bridge the gap with "equity" funding construed as a taxable grant which requires no repayment and then bring the rest of the funds yourself.

Lon, be sure you purchase the property at its "full" appraised value where the seller grosses a finite amount below that figure. This is how you capture the "equity" in the property and use it towards your downpayment. I hope this helps.

Richard David
Bancofino of New York