Using Hard Money for a down payment. I'm supposed to use 50 characters to post.
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[{"id": "gw0mchz", "text": "You\u2019re planning to buy an apartment building with 100% hard money...and you\u2019ve never done this before? \ud83d\ude2c", "replies": [{"id": "gw0mqog", "text": "Correct. So it's two loans 1. Maybe saying  a Private loan for the dp is a better way of saying it. 2. Hml for the balance. 3. Refi out the loans aren't from the same lender.", "replies": [{"id": "gw0omug", "text": "Good luck.", "replies": [{"id": "gw0ouhc", "text": "Hope to god they are non-recourse or this guy is gonna be dead.", "replies": [], "depth": 4}], "depth": 3}, {"id": "gw15x8f", "text": "do you ... have collateral assets?\n\nmoney in the bank? income?\n\nwhy would someone want to lend you money?", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gw0mtki", "text": "Often HML insists having 1st place on the title. 2nd place down payment will unlikely to go for it.", "replies": [], "depth": 1}, {"id": "gw0mxt2", "text": "How did you raise your down payment?", "replies": [{"id": "gw0oyo0", "text": "Saving.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gw0ot2j", "text": "You won\u2019t find a lender who will take second place in the collateral waterfall without serious alternate collateral or terms that won\u2019t be worth it. You also will be facing HVCRE requirements which will require your contributed 15% minimum be unrelated to the project if it\u2019s borrowed money. If you don\u2019t know what these things mean, read up on debt placement before you put yourself in a position for guaranteed BK", "replies": [{"id": "gw0unm5", "text": "This is good stuff.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gw0txjb", "text": "Hard money on your first deal in this market is...risky", "replies": [], "depth": 1}, {"id": "gw17rqz", "text": "100% leverage? Good luck kid. If this is your first deal you should educate yourself before buying real estate.", "replies": [], "depth": 1}]