Posted by Ken on July 25, 2001 at 23:18:53:
Try Bostonnote.com or contact
Walter at 800-932-8933
There are also several national commercial lenders on the internet
Commercial property loan HELP! - Newbie - Posted by Swati (MA)
Posted by Swati (MA) on July 25, 2001 at 17:01:56:
Hi,
I have one duplex under my belt and have recently found a 9 unit property that makes sense, has a positive cash flow of 1200$/month.
Problem is I can’t seem to get a commercial loan. The first bank refused saying I don’t have enough experience to manage a 9 unit. I went back explaining I might think of giving it to a mgmt co. and yet they refused on the grounds of lack of experience.
The second bank refused as there is a lot of work to be done (around $5,000 worth :)). I have an approved equity line of credit of $103,000. I showed them this saying I had cash to tide me over and yet they refused.
I have currently contacted another bank, but I am fast running out of banks. All these banks came recommended. Am buying the 9 unit for $540,000, owner taking $100,000 second, and I am putting in the rest $62,000 to make up the 30% down.
Any help will be appretiated. Did I make a big mistake of getting into commercial too soon? HELP!!
Also anybody, any more lender in the Framingham, MA area.
Thanks in advance.
p.s: And yes, I am applying for the loan with my husband and both of us have excellent credit.