Financing Strategy & Recommendations for a Storefront

[Vijay Singh Sambasivam]

I am interested in acquiring a 10-acre lot with a house listed for $1.6M in a Houston suburb and would like to investigate financing options for building a commercial structure on the property. What financing strategy would be most effective? Are there any knowledgeable mortgage or finance brokers in the Houston area who have expertise in similar transactions?

[Charles Carillo]

@Vijay Singh Sambasivam

I would suggest speaking to local banks, and credit unions. Whenever I am having an issue with financing, I normally reach out to local institutions. They are much more reasonable and are more intertwined in a community than some lender states away. The credit committee is usually made up of local people who are familiar with the market they are in. Lastly, they like building relationships. Once you find a lender that finances properties similar to yours, start building a relationship.