Small commercial loans

[Account Closed]

Hello all,

I saw a commercial property that I was interested in that is going for $89k, a 4 unit residential with 2 office spaces.

I'm having trouble finding lenders that will lend me the amount minus a 20% down payment.

A lot of commercial lenders only lend with a minimum of $400k. I got a suggestion of offering a cash deal, but my credit card limits wouldn't allow me to take $70k in a cash advance.

Any ideas?

Thanks.

[Anthony Chara]

Hey Steven,

The posts you've already received are good ideas as you may find smaller, local lenders more interested in lending on local properties to people who live in the market. I would also suggest you check with your own banker.

Secondly, if you are having a hard time finding banks to lend on this property, this might give you some good negotiation points to talk the Seller into financing the property for you. If you can't fund it, others will probably have issues too.

Lastly, you can find 'money partners' to go into the deal with you for a return and/or an equity stake in the deal. Find people who have IRA's where their money is just sitting making a whopping 1% return. Good luck to you Steven.