Posted by brandoncbsre on May 04, 2006 at 21:59:36:
Not a chance. I think what you’re trying to do is a 95% first and 5% seller-second. No bank will allow 100 LTV on a deal of this size. Keep looking or come up with at least 5 percent of your own. If you check the archives here you will find many posts on this subject.
Will a lender do this type of loan? - Posted by Greg
Posted by Greg on May 04, 2006 at 21:35:24:
Here’s an example:
This would be a 95% LTV with SELLER lending the 5% down payment to BUYER and getting it back at closing.
A Multi-Unit appraised at 4.5M
Seller lends buyer down payment of 5% of 4.5M = $225,000
Seller agrees at 4.2+M for property plus $225,000 back at closing for total of 4.5M
Thus a no-down payment purchase for buyer.
Does anybody know if lenders will allow such a deal to happen this way?
Re: Will a lender do this type of loan? - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on May 06, 2006 at 11:36:52:
If you have stock or other properties with equity something can be worked out up to 100% LTV (cross-collateral), but if that’s not the case you need atleast 5% of your own skin in the deal.
Re: Will a lender do this type of loan? - Posted by Mark (SDCA)
Posted by Mark (SDCA) on May 05, 2006 at 14:07:33:
I have a lender who will do 15% down of which 5% can be seller carry. 10% down from the investor.
Re: Will a lender do this type of loan? - Posted by wes
Posted by wes on May 05, 2006 at 13:45:11:
Without even considering the 5% question, You would find it virtually impossible to find a commercial lender that would make a 95% LTV loan for a multi unit property of this size.
Most will not lend more than 80%.