Hello Travis, if the apartment complex is more than 4 units and this is your first commercial property with no other commercial properties to collateralize the loan, then you will most likely need 20% down.

Has anybody ever obtained seller financing where, for whatever reason, the seller did not use the property itself as collateral for the promissory note?

The less collateral they have (LOCs) the more you pay.

Keeping in mind that you'd be moving unsecured debt (no collateral) to secured debt, I would recommend doing what you suggest if you confident in your employment situation during the time horizon that it would take you to pay down $27k, and if you are confident that you will not run up more credit card debt now that your balances are freed up.Beneath enjoying the entrepreneurship of it all and investing in something concrete, you fundamental goal is to do better than you are doing today.

After all, the seller is taking a note on a higher risk non primary-occupancy collateral and banks offer 4-5% right now on investment loans.

.- Banks would be willing to provide a loan with the bonds as a collateral, up to ~70% of the value of this collateral.- The interest on the loan could be as low as 1-1.5% currently (= Euribor + 1%).Now, sounds interesting, but I am unfamiliar with this type of structure.

It says its a quitclaim from mom to her son and grandson with "a lifetime residency clause that prevents the sell of the home and the use as collateral or business transaction" can anyone shed light on this?

Loan when you have some real collateral.

TD Bank in Canada can back up the loan given by TD bank in the US thanks to the borrower's creditworthiness in Canada.If James can get a loan anywhere thanks to his income or by providing collateral, he can brings the money and use the cash in Mexico.

I will have a Promissory Note signed to borrow the private money that will include all the details about the money and property as collateral but I'm just curious what needs to be included on this "General Letter."