Investor question about multi-family and financing

I have identified several apartment buildings (in the $10-20MM range) in NYC with good numbers, and in good condition.
My question is, how can I get up to a 100% CLTV? Are there lenders who will allow the seller to carry, getting me up to the 100% level?
Maybe the first mortgage is at 80%, and then the seller holds 20%.
Who can help me get there?
In Buying Property - Asked by Justin A. - Aug 27, 2009
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Answer(s)

Davide P.
Broker/Agent
Pinole, CA

I don't want to say never, but there is near guaranteed 0% chance you are going to get what you are looking for. With commercial you are going to need 30-35% down in nearly every transaction, period. You are talking about getting a lender to let you borrow $7.5-15M and a seller who owns it give up $2.5-5M in equity to carry it back? What would be the point of selling it? This wasn't even available a few years ago let alone now.

Aug 28, 2009
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Gregory G.
Broker/Agent
San Francisco, CA

That's a tough one, especially today where LTV's of 50% are becomming the norm.
http://www.gregorygarver.com

Sep 1, 2009
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