Posted by New-investor on October 31, 2003 at 24:53:55:
We have prepared 6-month reserve.
Build out is included in sale price.
We have some experience in managing existing commercial building but none with new building.
Please tell me more regarding getting letter of intent.
Thanks
What are my options to get a good loan? - Posted by New-investor
Posted by New-investor on October 30, 2003 at 12:25:06:
I want to buy a newly-built commercial building that worth $1.45M.
The plan is putting 25% down and borrow 75% from lender.
This is a new building so there is no tenants.
Lots of people are interested in renting the 6-unit retail building.
I have good credit but just lost my 9-5 job.
What are my options to get a good loan? Please help.
Re: What are my options to get a good loan? - Posted by Don Dion
Posted by Don Dion on October 30, 2003 at 13:53:45:
Do you have any experience in managing a building of this type? What kind or reserves do you have? Have you looked at the carring costs involved. Here are a few aprox P&I $8400 Taxes $3000 Ins $350 Utilities $400 totaling $12,150 a month till you rent the units out and then you might need $25,000 per unit or more for build out expenses to meet the tennants needs. If you have deep pockets and can get letters of intent signed by the prospective tennants it might be a doable deal.