Posted by wes on March 03, 2005 at 11:16:21:
Rates sound about right but you still should be able to get a 25 or 30 year amortization.
If your broker cannot get it, email me as I can.
wesloans@earthlink.net
Buying business with real estate - Posted by dagambla
Posted by dagambla on March 02, 2005 at 18:05:48:
Hi thanks in advance for any help I am in the process of purchasing a existing business the owner wants to sell me the real estate along with the business I never have financed commercial real estae before trying to figure out what type of terms I can get building purchase price 600k owner willing to hold 15% of price as second I can come up with the additional 10% for the down payment spoke with mortagage broker I know and he said he could get me a no doc 20 year loan as long as my middle score is over 680 with 10% down and the owner holding a 15% second
how does this sound
Re: Buying business with real estate - Posted by wes
Posted by wes on March 02, 2005 at 18:52:36:
True No Doc or just Stated Income
On a 20 year amortization that is probably going to be pretty high rates and monthly payment.
You should be able to get 25 or 30 year term to help cashflow.
Re: Buying business with real estate - Posted by dagambla
Posted by dagambla on March 02, 2005 at 19:00:04:
A true no doc just got off the phone with the broker he didnt have the exact rates in front of him but he said between 9-10% how does that sound