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Updated almost 5 years ago on . Most recent reply

User Stats

603
Posts
130
Votes
Adam Craig
  • Investor
  • Cleveland, OH
130
Votes |
603
Posts

How to best prepare financials for commercial office refinance

Adam Craig
  • Investor
  • Cleveland, OH
Posted

I purchased a vacant 7 unit office building in October through private/hard money and seller carry. I now have 6 of the 7 units either moved in, or with a signed lease and move in soon. Fully lease the building should bring in about 5000/month.

I have been in talks with 2 commercial lenders that do some single family business with me in the past. One said as soon as you have leases in place I can contact him I dont have to necessarily let it season. (smaller bank)

How should I show them my financials to best get this deal done? I dont have a track record of payments beyond a few months so it will be based mostly on leases and future payments.

Purchased the building for 275K - put 35K into the rehab. Need about 315 to pay everyone back.

PS - my business occupies one space and pays average sq/ft rent.

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