No. Plus, most banks will not allow 2nd mortgages on a commercial property purchase. You will require what is known as a mezzanine lender or equity partner. There are many ways to structure this, and the firm you bring in will most likely have done it before, so the tend to be very sophisticated players. In short, be careful of who you invite to your party. If the property is under $1M, I would simply request 95% owner financing. Owner financing is fairly prevalent these days. Finally, you could always Master Lease the property from the owner, but that is a long conversation. I wish you luck.
Aug 25, 2011