I’m trying to put my first park under contract. I negotiated a deal with the sellers where more than half of the purchase price would be seller carry, and the rest would be bank financing. Now, their lawyer is involved, and is saying that the deal will have zero seller carry.
A question for the board – do banks generally look favorably or unfavorably upon seller carry for parks? My understanding is that in most real estate transactions, a bank would rather just be the exclusive lender, and not have to worry about a second-position held by the seller. But I have also heard that some banks look favorably upon second position seller financing, because it shows that the seller is willing to put his money where his mouth is, and the bank will have a bigger cushion.
Thanks in advance for any feedback.