commerical mortgages - Posted by Felix

Posted by Don Dion on July 25, 2003 at 24:12:03:

You dont have a commercial property you have a residential property. Once your over 5units in a building or office, mobil home park, self storage uints, strip center then your into commercial properties and will need a commercial loan.

commerical mortgages - Posted by Felix

Posted by Felix on July 24, 2003 at 18:13:41:

Last year two friends and myself started a real estate company, we formed an LLC in the state of Minnesota and purchased a SFR 2bd. Our mortgage is $700 per month including taxes,pmi,insurance, we rent it for $1000 + utilities. Our credit scores are 750, 650, and 615. We thought we’d wait a year, then try for a commerical mortgage. We’ve been unable to get a commerical mortgage, being forced to borrow money as indivituals. Is there any lending company, working in the state of minnesota, that will do commerical mortgages for under $300,000? Most want $500,000 to $1,000,000 with LTV of 65 to 75%. How can we get them to take our company serious?

Re: commerical mortgages - Posted by Mark

Posted by Mark on July 31, 2003 at 19:37:17:

I am a residential/commercial mortgage based out of Minnesota. Shoot me an email and let’s see what we can do something. Don is right in that in order to get commercial financing the properties need to be over 5units.