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?