We are looking at a $4 million park.
$1 million down payment.
$3 million seller financing at 6%, amortized over 20 year, balloon payment due in 5 years.
We have $400 000 cash, so we need another $600 000 just to make the down payment. We probably need another $200 000 for reserves in case something goes wrong. So let’s say that we need $800 000. We will refinance in 5 years when the balloon payment comes due.
Are there any lenders that will finance the $800 000 we need for the down payment and for reserves? Will hard money lenders finance this? Can the forum please share creative financing ideas?