Advice needed, commercial and residential complex

[Derek Young]

Hi,

I am looking for a bit of advice.... My wife and I are starting a business in the food preparation and catering industry. We have been searching for a place to prep as it is needed for proper licensing in terms of health department. We have looked into renting commercial space and have been turned away by everyone and have looked into leasing a commercial store/kitchen of our own. Being a person who would like to get into real estate investing full time I would prefer to purchase a place to set up shop.

My realtor turned me on to a property in a suburb of our town which contains a small storefront on a corner spot on Main Street with (4) 1 bedroom apartments as well. All 4 units are occupied and collect rents totalling $1550 per month. The building is listed for $75000 and is an older building (late 1800's but has had updates over the years).

My lender that I have worked with on past 'deals' and our current residence won't do the loan because he does not do commercial lending. I can scrape up the down payment money from various sources (borrowing from parents on some of it so we don't deplete our emergency funds) and have a credit score in the low to mid 700's.

Do you think that I would qualify for a commercial loan for the building?