Jan
31
Can u take out two mortgage on the same commercial property in order to purchase it?
By
Wanting to purchase some commercial property for a large amount. I was thinking if I could take out two mortgages at the same time against it in order to have enough for the down payment of that property
Quick Property Sale
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3 Comments
May 3rd, 2009 at 3:48 pm
You can take out a first mortgage and a second.
You can’t have two first primary mortgages, that is why they check title to find out all other claims on the property.
May 5th, 2009 at 3:14 pm
With an 80-20 loan. 20% loan is much higher interest.
May 7th, 2009 at 1:50 am
No, it doesn’t work that way. Not in this market, not on that type of transaction. And you will not find an institutional 80/20 for commercial property. You will need a big downpayment.