Posted by wes on December 02, 2006 at 10:55:29:
Since the building is vacant, and since commercial loans place a great deal of emphasis on the cash-flow “of the property”, this is not an easy loan unless you have other assets or sources of income.
A hard money (type) lender that loans on the property value might be a choice to get the property under your ownership. But not at anywhere near 90% nor would it be loan terms you would want to have for very long.
Even if you were to get a tenant signed up for the one unit, there is no payment history as well as 100% of you rental income is coming from one renter. Both of which adds to the difficulty of the loan.
If you do have enough disposable income (personal) to cover this note obligation in addition to your others, there are a couple of small commercial loan options available that will take that into consideration. One I know of would go as high as 85% for an office but not 90%.
Search for a broker that specializes in small commercial loans (those that do large commercial probably couldn’t care less about your $200K or so loan).
If you can’t find anyone, feel free to contact us.
Regards,