Commercial Mortgage Qualification

[Carole Murry]

I can’t reach my mortgage agent due to the holiday weekend. 

I’ve been in negotiations to purchase a commercial property with a reluctant seller for some time now. He’s finally agreed on a sale price which is $25k higher than I discussed with my lender.

I would like to sign a purchase agreement while this mercurial seller is willing. 

Can anyone tell me a rough range for an income qualification on a $325k loan? The purchase price is $475 with $150k down. 

I don’t want to agree on a sale price if I won’t qualify for the mortgage. 

[Joel Owens]

Recourse versus non-recourse, amortization schedule, down payment, liquid after down payment, interest rate, number of years rate is fixed, etc. come down to the borrower and the property.

When you say mortgage agent are you talking the lender directly or a capital markets broker?

My clients buy much bigger stuff like 5 to 10 million in price but lenders usually look at 10% liquid cash after down payment and net worth equal to loan amount at a minimum.  Different lenders have different standards and levels of risk which are reflected in their loan terms.

No legal advice given.