Commercial Lender - Posted by eric

Posted by eric on September 11, 2002 at 06:24:03:

The local banks have given me a list of reasons. Some don’t write commercial, others will only do 80% of the original purchase price, antoher told me that the d/i ratio was to high for them. Others wanted 24 mo’s of seasoning. I have even gone through two local commercial mortgage brokers who came back with the same response of needing 24 mnths seasoning.

Commercial Lender - Posted by eric

Posted by eric on September 10, 2002 at 06:10:48:

I purchased my first commercial rental unit, last year.I negotiated the owner into financing the bldg until the needed rehab work was completed. Now I am trying to refi the bldg and am meeting obstacle after obstacle. Does anyone know of a commercial lender out there that will lend on a 5-unit bldg, (considered commercial in NY), that I have owned for one year and need to borrow under 50K.

I have good scores in the 600’s. I have exhausted all avenues I know of including HML’s. Any input would be grealty appreciated.

Thanks

Re: Commercial Lender - Posted by ray@lcorn

Posted by ray@lcorn on September 10, 2002 at 19:32:19:

Eric,

Is there a reason the local banks won’t look at the deal?

ray

Re: Commercial Lender - Posted by Jerome Moss

Posted by Jerome Moss on September 10, 2002 at 17:26:38:

We are very aggressive with commercial properties.It surely won’t hurt allowing us to review your situation Eric. I look forward to your response.