Options for financing the remaining balance after taking over an assumable mortgage
I have a good opportunity with an off-market deal that is currently exclusive to me. The purchase price is right and the seller has an assumable mortgage in place at a very good rate. The problem is that the mortgage is only about 42% of the purchase price. I have the remaining balance in cash but that ties up a significant amount of capital and overall isn't really justified in the ROE. Are there options for assuming the existing mortgage and financing the remaining balance with another mortgage? Putting up 58% turns a good price on this into a bad deal. It would almost be better just to finance the whole thing on my own without assuming the existing mortgage. I'm hoping there are options that allow me to leverage the good rate on the assumable amount and not dedicate so much capital to the deal.