Deal closing problem

Is there any way that I can close a deal where the property is appraised at 1.2MM and the seller is asking only for 950M without having to give the 250M as a down payment and getting the cash back at closing because I dont have that much available?
In Buying Property - Asked by Dan Z. - Oct 22, 2008
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Answer(s)

Sam K.
Owner/Investor
San Antonio, TX

nobody lend you foe atlist six month

Oct 22, 2008
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Scott N.
Broker/Agent
Cedar Park, TX

Dan, It's going to be difficult, even in the best of financial times, to get a loan on a $950K purchase without putting at least 20% down. These days I'd expect 30%-50% down payment. You might could find some "hard money that will loan on a future value model if there are improvements to be made to the property which will significantly increase it's value but the rate/term will be less favorable than a traditional loan.
My suggestion is to look for a purchase at a price you can afford to put 30%-50% down payment into the deal....or offer the seller a lower price on the property you are currently considering.

Oct 23, 2008
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Joe V.
Owner/Investor
Plymouth, MI

Yes. You can get 100% financing and the LTV you are looking at is not a problem since the lender will go up to 100% with your scenario. Lines of Creit, non-signatory...no credit check is available at www.commercialfinanceconsultants.com as well as structured financing that will pay you back your deposit/downpayment included in the end financing. Low interest rates too...6.5-8.25%. LOC gets you the downpayment. I've been using this system for a while and loving every minute of it.

Nov 12, 2008
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