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  • Profile photo of Brendan IrwinBrendan Irwin
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    @brendan-irwin
    Join Date: 2008
    Post Count: 2
    March 23, 2008 - 10:20 pm
    Terryw wrote:
    Brendan Irwin wrote:
    i would like to buy a property with 2 other friends. The banks and other lenders want a 20% deposit. We are unable to come up with this amount. We have negotiated a good price for the property but we need someone who can finance it for us. Is this possible to be done under a wrap? And is there someone out there that can help us?

    Hi Brendan

    What is the reason the banks will not lend more than 80%? If you look around you may find some other lender out there.

    If not, then you could try to get the seller to finance the 20% for you. This is called vendor finance and it works as though you are borrowing the money from the seller. Rates and terms etc are up to you to negotiate. it could be 5 years IO or 2 years with no interest etc.

    Terry
    The property is 40 acres in size and is classified as rural.

    Brendan

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