Posted by wes on December 03, 2003 at 10:29:31:
Without knowing full details about your/this situation, you should be able to get at least a 70-75% loan for an office building. If sellers will hold second up to 90% you can get property for 10% down.
Rather difficult to get commercial loans for more than 90%.
If you want to email me current details of this deal, I will let you know if I can help or point you in the right direction.
Loan Question? - Posted by Traci
Posted by Traci on December 03, 2003 at 07:03:05:
Again, I would like to thank everyone for your help. I am thinking about buying an office building with stable tenants. The building is $650,000 and the net operated income is $87,900. I have no debts/mortgage and was qualified in the past for $190,000 mortgage loan. Will the bank be more flexible with a commercial loan and take the stable income into consideration? I have $160,000 in home equity that I’m willing to use.
Traci