Financing suggestions for first commercial property

[Nick Garzini]

I have my first commercial property under contract in Crystal Lake (North of Chicago), IL and I am looking for recommendations for lenders. I am honestly not really sure where to start for commercial loans. I have a backup private money option available, but would like to try for a conventional loan. Any suggestions are appreciated! A few details: Looking for $350k loan Projected DSCR: 1.47 Also - the 2 ground floor retail spaces have 2-year leases. The 4 residential units are occupied, but month to month. The tenants are willing to sign new leases. Should I get the current owner to execute new leases to aid in financing? Thank you!