Commercial property purchase

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Hello BP,

I have buddy in a situation who needs some advice. Him and his wife own a lawyer firm and they are looking to expand to a larger office. A commercial property they are looking into is for sale for $330k but needs about $75K of work. I suggested he get some sort of short term/ interest only loan and rehab it and refinance after. The thing is currently market rate for a similar unit is only $410k. Is he overpaying for this property? Are there any other options he should look into?

Thanks