Down Payment For Owner Financing, Can I Use A HML?
Will a HML lend out money for a down payment on a owner financing deal? I imagine they'd rather you'd get a loan for the full amount of the property.
Will a HML lend out money for a down payment on a owner financing deal? I imagine they'd rather you'd get a loan for the full amount of the property.
No, that would put the HML in a 2nd position, and I've yet to meet one that would do that.
Roger
When I loan money, I don't care if I'm in second position as long as I have 20-25% equity above me.
If you have a good deal, you could run it by the hml's.