Commercial Property Loan

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Best Answer

Any bank should be able to do that. With that being said, if your situation is not-so-perfect (i.e. no equity in the property, etc.), find a business banker that really understands your line of business. Having all your banking relationships with one bank will also help to boost the bank's confidence in you and make them more willing to work with you, especially if you sign up for investment accounts, cash management, merchant service with that bank.

I have a full time job (20 yers) with additional income of $42000 per year. The property was appraised at $135K and I am needing $90K loan. My credit score is 640.

Best Answer

With what you are telling me, my bank would probably do the loan using the property as collateral. You shouldn't have a problem obtaining the loan but the 640 score may get a little higher rate than a 700 plus score would.

Looking in the neighborhood of 750k - 1.5 million dollars... Assuming the only thing you have to liquidate any assets from would be the home and 401k what are other options where this level of funding could be acquired (DO NOT INCLUDE credit cards or venture capitalists in your responses) ? I need answers that speak towards women and minorities seeking loans to acquire commercial property. Thanks!

Best Answer

Best Answer

Can't be done, except perhaps through a private lender.

I know any property with 4 units or more is considered a commercial property. That being said, can I apply for a regular mortgage for a property that has 3 units or less, or do I still have to apply for a commercial loan?

Best Answer

Yes you probably can. There are many homes like that here in seattle, i had a buddy that was going to do it, but his plan was to make one of the 4 units in the residence his private residence and his banker was going to let him use a traditional mortgage. You should probably go to your bank and ask the branch manager. If that bank dosn't do it ask them if they know of any other banks that might.