Multi unit apartment buildings financing Maine
Kennebec Savings Bank is a true "portfolio" lender we've had great luck with. They are a good old fashioned portfolio lender and we cannot recommend them highly enough.
Kennebec Savings Bank
Dave Grenier / Andy Rhoads
226 Main St, Waterville, ME 04901
There are other good banks here in the Waterville area. Though we certainly would not dictate which bank you use, we would rather not deal with Skowhegan Savings Bank. We've had two buyers find them completely unacceptable, citing impersonal treatment and profound disorganization.
We are willing to extend a modest amount of seller financing, but under very strict terms.
Here is a sample deal that we could live with. Keep in mind that the portion we would seller finance is contingent on a full-priced offer. The amount we would be willing to seller finance would decrease in proportion to the reduction in the offer price.
Selling Price: $2,241,000
Down payment: $224,100
Seller financing: $224,100
Bank financing: $1,793,000
Seller financing + down payment = $448,000 which represents a 20% total down payment. So in effect you'd be able to put 10% vs. the usual 20% downpayment. We would hold a second mortgage and manage the properties for one year, free of charge, for full priced offer. Anything less than full price and we would charge 10% of gross income as management fee plus leasing fees. Contact us for more information or APODs