- Joined
- Sep 16, 2008
- Messages
- 32
Hello fellow investors,
A partner and I tied up a 4 suite building in Edmonton. We are working with a good investor minded mortgage broker for financing. We originally wanted to do 5% down, however, the lender is requesting 10%. We currently have $30,000 and require about $30,000 additional.
Here`s what we`ve come up with so far:
1) Seller is not interested in any vendor financing
2) Asked the lender if will the appraisal comes in more than the purchase price will they be willing to take the equity as part of the down payment. Still waiting for a response.
3) Hard money lender, probably temporary loan 3 months. Problem is the interest rate most likely high.
4) Borrow from family/friends.
Any suggestions of how to raise the capital, or make the deal work? We are open to all options.
Thanks in advance.
B.J.
A partner and I tied up a 4 suite building in Edmonton. We are working with a good investor minded mortgage broker for financing. We originally wanted to do 5% down, however, the lender is requesting 10%. We currently have $30,000 and require about $30,000 additional.
Here`s what we`ve come up with so far:
1) Seller is not interested in any vendor financing
2) Asked the lender if will the appraisal comes in more than the purchase price will they be willing to take the equity as part of the down payment. Still waiting for a response.
3) Hard money lender, probably temporary loan 3 months. Problem is the interest rate most likely high.
4) Borrow from family/friends.
Any suggestions of how to raise the capital, or make the deal work? We are open to all options.
Thanks in advance.
B.J.