I found a 40k commercial property .

[Cinthia Salgado]

I found a commercial property owner willing to sell me their property for $40k. Property is in need of rehab but it’s small enough that it’s manageable. I only have 40k cash and would rather spend it on the rehab is there any commercial loan or any other loan I could get that would cover the purchase price amount? 

[John Warren]

@Cinthia Salgado like @Andrew Postell mentioned, this will be a challenge at that price point. I would recommend looking into a 401k loan, HELOC or some other creative way to purchase the property. This would be preferable to a bank loan since you would end up paying a few grand in closing costs for only a 40k property. You could also look into using a hard money lender like a Renovo type place. That might be the better option. Either way, the issues is that a 40k loan is the same amount of work generally speaking as a 4-million-dollar loan. These small loans are sort of the red headed stepchildren in the lending world.