Hey i was wondering if anyone knew any dscr lenders that would be willing to take the 2nd position on a loan, i have a property in Oakland california where the seller is willing to finance 85% of the purchase price at 5% interest, The asking is almost 4.6 million on an 18 unit apartment, i dont have the down payment for the remaining 15% which would be 689,250. the seller is willing to come down on the price and at market the apartment brings in 41,255 per month, tenants pay thier own expenses. i tried calling a couple of lenders but they said they wouldnt take the 2nd position or would only finance until 90%.

It’s been few years.. wondering if you found one.

Emerald coast is great as well.But if I can make a suggestion.

You will pay transfer taxes based off of the properties calculated assessed value, and if the property is in Philly city limits as your post location suggests, you're looking at a payment of 4.278% of that value being paid at close.

I am wondering if there is a loan officer or anyone else in my area that specializes in or is knowledgable on this topic and would be interested in meeting with me.

Any suggestions on where to find opportunities like these? 

I dont have the full purchase price of this 4plex to invest though, so I would have to finance half to 2/3 which seems like a stumbling block. i can still make the numbers work, but at a much lesser monthly profit i suppose. i also dont have the w2 income to support 2 mortgages (counting the one i have on my house), so i assume any bank would have to count the existing leases towards my income which i understand is possibleI guess I was wondering about advice, or red flags, anything, on this specific deal.

I don’t necessary have to get them all at once but hitting that target would be wonderful. 

Suggest a different mark in commissions given its one agent, and scale the DD/EMD to 20%/80%.

I really appreciate your suggestions.