Jump to content

commercial loan


mygirlayanna
 Share

Recommended Posts

Please help!!!!! I just purchased a home loan without any problems thanks to this board. My middle score was 665, and hubby's 660's. Now I have just found a commercial spot I want to purchase and lease out. Great deal and excellent location and all other spots in the strip are occupied. Question, I don't have 20% to put down. Maybe just enough for closing. The asking price is 200K and it needs about 30K in renovations. It probably appraises for 300K. Any suggestions?

Link to comment
Share on other sites

Commercial loans do require a 20% down payment, so the information you have received is correct. There is more risk involved and lenders realize this.

Investment properties (residential) do not require 20% down payment, if the credit is strong enough, as a matter of fact with about 720 credit scores, 100% financing is available, but here again there is more credit risk, and your interest rate would reflect this.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.