Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago,
How to best prepare financials for commercial office refinance
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.