How would u approach this , Good advice needed - Posted by RR

import · April 3, 2006, 7:57am

Posted by RR on April 04, 2006 at 07:12:14:

Thanks

import · April 3, 2006, 7:57am

Posted by RR on April 03, 2006 at 07:57:17:

I ve found a nice piece of comercial land for 400k is about 6 acres, in a booming area , I own a duplex with 160k in equity and 2 lots worth 40k each , I would like to buy this 6 acres lot but dont know how to approach this deal , I just dont know how to use my resources , I ll be contacting my mortgage guy today but would like extra advice from the experts here,
Thanks
RR

import · April 4, 2006, 1:21am

Re: How would u approach this , Good advice needed - Posted by colvegas

Posted by colvegas on April 04, 2006 at 01:21:58:

First off you have not provided really enough info as to the financing monies needed for this commercial lot etc…
My first thought to qualify is to do a substitution of collateral that is using the duplex and/or the 2 lots to use as an asset to qualify. Most commerical lenders require a down payment (20%) on the property to finance the rest.I would get on ray alcorn’s board since he is the guru on commercial properties…
How creative is the seller on the commercial property…??

Just some thoughts… good luck…