Bank Financing with Seller second

We are looking at a park and what to try to structure the deal with the bank holding a percent of the purchase price in the first mortgage and the Seller holding the remaining percentage of the purchase price in a seller financing second mortgage? The seller is ok with the deal being structured this way, just not sure about the bank. Any information before I submit the contract to the bank would be greatly appreciated.

I heard some local banks are doing this. I guess you have to call around and hopefully find one in your area that will do it.

We’re going under contract on a deal where we might try to pursue this type of structure. I’m in the same boat as you in that I’m not sure how receptive the bank will be to this. For us, the seller has a bank note we will attempt to assume and we will inform the bank that the seller is carrying a 2nd.

Our second is low enough that we can probably attach it to the park owned homes if the bank has a problem with it being attached to the RE. What is your seller’s thoughts on holding the financing on the homes instead? One downside to having it attached to the homes is that you will need a release every time you sell a home and transfer title… so you’ll need to plan this out accordingly if you go that route.

I have some programs available that allow subordinate financing. Rates are higher.

@narf and @CharlesD
Could you please share the end result in this topic when you are done?

Are you a provider of subordinate financing as well? My local bank on this deal will allow 2nd lien but seller won’t carry.

No, unfortunately not.