Financing Commercial property - Posted by Tp

Real Estate Investing Retail
1

Posted by TP on May 08, 2007 at 13:46:31:

No.

2

Financing Commercial property - Posted by Tp

Posted by Tp on May 04, 2007 at 10:59:02:

Have our third commercial property under contract. This deal is little different from first two.

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
TP

3

Re: Financing Commercial property - Posted by Tom Resner

Posted by Tom Resner on May 08, 2007 at 15:46:57:

I can help with financing the finished product. You probably need a local commercial lender for the conversion.

4

Re: Financing Commercial property - Posted by mo

Posted by mo on May 08, 2007 at 11:13:13:

has appraisal been done?