Commercial Lender Dragging Feet on 10% Down Loan. Advice Needed!

[David Gore]

Hello everyone! This is my first post.

I've flipped a couple SFHs over the past couple years, and right now I'm trying to purchase my first commercial property. I've done my homework on the property and know it's a good investment. However, I only have enough cash for 10% down. The listing agent said that financing shouldn't be a problem, and she gave me the number to a local commercial lender that she said had done numerous loans at 10% down.

I called the lender early last week and gave him the basic information and he said it shouldn't be a problem, but that he'd have to get preliminary approval first. At the end of last week, I contacted him again and he said to be patient and that he'd let me know next week. I contacted him yesterday morning and still haven't heard back. So I've spent two weeks and still know nothing.

I have not signed a purchase agreement yet, because I wanted to make sure that I could get a loan with 10% down. However, I've also spent several hundred dollars on inspections and a flood survey. So I want to lock down this deal ASAP.

So, my questions:

1.) Is it normal for a commercial lender to need over 2 weeks to get preliminary approval to do 10% down?
2.) The seller may be willing to seller-finance some of the down payment. However, the lender I've been dealing with said his bank would not allow such an arrangement. I've read about this strategy in numerous books, including Brandon's, so where do I find a lender willing to structure the loan this way?
3.) Even though I don't have preliminary approval for being able to finance at 10%, should I still sign a purchase agreement? Any recommendations on the contingencies?

Thank you!
David