Posted by Ed Garcia on January 14, 2006 at 12:05:53:
Chuck,
That could create a 3rd issue, the building is vacant and is not income producing.
Chuck, if you like you can call me Monday at (909) 944-0199 and we can go over your deal. I realize its Martin Luther Kings Day but I?ll be in my office getting caught up from last year.
Ed Garcia
seasoning issue - Posted by chuck
Posted by chuck on January 14, 2006 at 10:12:04:
I am looking to obtain financing on a commercial building that I have owned less then a month. I have bad credit. I would like to pull out 80%. The property is valued at $325,000. What are my options? The property is located in MI.
Re: seasoning issue - Posted by Ed Garcia
Posted by Ed Garcia on January 14, 2006 at 11:53:05:
Chuck,
To say its commercial is pretty vague. It could be 2 to 4 units which would give us one lending community or anything from an Office Building to a Gas Station which could make a difference.
The two issues that aren?t going to change is your credit issue and you?ve owned it for a short period of time.
You haven?t told us if you done any work to the building to enhance the value or your original cash investment in the subject property, how your deal was structured, or given us any information of value.
So with what little information you?ve provided, my suggestion would be for you to go to American General, House Hold Finance, Beneficial Finance, City Finance to name a few.
You shouldn?t having any problem finding one in your area.
Ed Garcia
Re: seasoning issue - Posted by chuck
Posted by chuck on January 14, 2006 at 11:57:04:
Thanks Ed. It is a restaurant. I want to pull out the money to do renovation on the building. The value of the building is $300-$325k. I would like to pull out 80% for renovation and to get the business up and running.