DSCR loan for commercial property

[Brett Longobucco]

In search of creative financing for a small commercial unit. Just want to throw my scenario out there and see if anyone has any direction or info at all to help us get this to the finish line. Ideally, this is a currently medial office unit that we are looking to rehab and place an assisted /accessible living business as our tenant. The loan and details are as followed

Commercial condo

located in bridgeport CT

3,481 square feet2

45k purchase price

5,000-6,000 rent with a 7-10 year lease in place upon closing
20% down payment

Needs 80k of upgrades so any construction or combination loan options are ideal.

[Devin Peterson]

Hi Brett,

There are many good DSCR lenders out there that could help with this scenario. You could either complete the renovations with a short-term bridge financing deal and then refi into long term 30yr dscr debt, or purchase straight-up dscr and finance repairs on your own depending on your budget constraints.

I'm also located in Middletown, CT. Happy to connect! Good luck