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Profile picture for jolynn133

I'd like to purchase a commerical property.

I know what this business was previously used for and know it will produce a solid income, there are no rent rolls, this is a foreclosure.
What Loans are out there for Commerical Properties? Is there any chance I maybe albe to acquire a 3.5%?
My Credit is Excellent.
I have 1 Rental Property which is under water, yet it is cash flowing. My primary home is paid off, free and clear.
What would the down payment and interest be? Closing cost are about 2%.
P.S. Sorry I have no computer am using my sister's email.
Thank - You
Margaret Z.
  • September 06 2012 - US
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Answers (2)

Profile picture for jolynn133
Hi Jim,
I appreciate your positive feed back, and taking the time for me.
Thank - You very much.
Margaret
  • September 12 2012
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Margaret, I suggest you talk with the loan officer/manager of your financial institution ... bank or credit union. Not only should you ask them what they have to offer, but also show them what you have to offer. Provide a business plan indicating the proposed business along with estimated costs, sales, profits and growth trends. Indicate if you are going to be an operator/owner or an absentee owner. Do you have a current job or other income that can make the business payments should sales not meet expectations? If so, let the lender know this.

You may want to bring copies of the lease showing that your rental property has a positive cash flow; or at least offer to provide copies of such. Your lender may also request copies of tax returns to show sufficient income to cover the business loan.

The lender may also request that you pledge securities or your current home as collateral for the loan. Before doing that, you should talk it over with your family, accountant or lawyer so you don't loose everything you have worked for and acquired.

Best of luck to you and your business venture.
  • September 06 2012
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