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Updated almost 8 years ago,
Questions about Commercial financing
Hello Everyone,
I have some questions regarding commercial financing. I have a duplex purchased through conventional financing. I am looking into a 7 unit in which I would be purchasing with a partner. We have plenty of money for a 20-25% down payment, but the problem is our income. My partner is a college student with very little waitressing income, but a decent amount of capital (35k) and no debt. I work full time and have about the same amount of capital. The asking price for the building is $165k. The gross rent is about $3500 a month. So my question is do you think this is possible for us to pull off? How much do banks consider DTI into commercial loans?