Posted by Ed Garcia on September 15, 2003 at 10:45:46:
Your only shot is a small local bank or local portfolio lender. This deal is too small for a commercial bank or lender to get excited about. The credit scores you have give have a 100-point swing, that?s a little unusual. Obviously we would need more information about your financial abilities and the deal.
HELP!! commercial lenders - Posted by johnnie
Posted by johnnie on September 14, 2003 at 14:14:04:
I am submitting an offer to a bank for a 3 unit REO property. The bottom unit was a deli but it is only zoned for office space. The bank will only accept a commercial loan for the property. I plan to convert the space back into an office, however, my experience is in residential. I need info in securing a commercial loan. I am self employed and have no problem with stating my income, however, my credit score is in the 525-625 range depending on the report. The list price is only $39,000 with outstanding business taxes.
Are there any commercial lenders able to give a 90-95% loan. Please contact ASAP