Where can one find these banks that do not have the CLTV limits?
Yesterday, my bank said that they would lend only 80% of the non-owner-financed part (so %80 of the %80) But they are a very conservative bank.
I am (hopefully) about to tie up a nice bldg. w/ 6 res. units and one retail (and therefore commercial)
I think I can talk the seller into 20%-30% carry back, and I would then have to find conventional (?) financing for the rest. I have NO cash right now, as it is all tied up in another development.
Question: Would the banks treat this as an (acceptable) 70-80% LTV loan or would it be a problem that I am not putting down any cash of my own? The seller’s lien would be a junior lien, secondary to any bank financing.I also need a construction loan, too.