Commercial Property Conversion - Posted by Tp

Posted by zach on May 07, 2007 at 24:36:14:

I should be able to line up financing for this. I sent you an email…

Commercial Property Conversion - Posted by Tp

Posted by Tp on May 04, 2007 at 11:00:19:

Have our third commercial property under contract. This deal is little different from first two. Posted in Financiing forum also.

Commercial building. Needs some work. Sale price is 400K.
Should appraise for that amount.

Our plan is to do some remodelling, convert into a gas station/C store. Put UST and pumps.

How to finance the deal?

  1. My score is high 700s, partner’s 550. Could we get a loan for 10% down. If not then 20% down ?

2)Strategy was to get a interest only loan with 10% down and then do the remodelling+ USt+ pumps etc. Then refinance. Would this strategy work.

  1. Could we get a loan for Sale Price + development loan to put in USt/pumps+ remodel to Gas station/C Store?

Thanks