- [Interviewer] And so if
you go up to 85 or 90 percent
of purchase price,
do you allow a Gap Funder or
a second behind your first?
- We get that question a lot.
A lot of people call our office and say,
"Hey, I have a Gap Fund
or I have a partner,
is it okay if they contribute the funds?"
That's not a problem for us,
again, we do ask for about
another five to ten percent
down in the case of a Gap Funder.
So, we have no problem with it.
If the investor just doesn't
have the capital for the
down requirement and they have
a Gap Funder or a relative
or somebody else that's
not a part of the loan,
we'll still fund that transaction,
but it is gonna be an
additional down requirement
as a result of that third party
that's not part of the project scope.
- [Interviewer] So instead
of it being, let's say,
90 perfect of the purchase price,
if I have a Gap Funder-
- It might be 80 percent.
- [Interviewer] 80 percent.
- So if you bought a house for
$200,000 and it's your money
and you're the investor,
we'll typically require 20, $25,000 down.
If you have a third party partner
that's not part of the
project or its a Gap Funder,
we're gonna require maybe
another $20,000 down
as a result of that third party,
unrelated borrower that's gonna contribute
to the down payment.
