Potential 1st Commercial Property - Need Creative Financing Ideas

[Kyle Neff]

We recently received a quote for a commercial property buy. I am looking to gather a few more quotes from local lenders. There are two tricky areas with this building and the buy:

1) It is owned by the company operating out of it, so it is not leased nor has it been for decades. The owner is selling FSBO and told us an asking price of $500K. Unfortunately, a broker got wind of the sale and now moving forward is hinging on what value this broker holds in front of them. We have first right of refusal, and they don't want it on the market, but we'll likely be out of reach at anything over $500K. Anyone dealt with this and were you able to get the seller to commit to their original asking price?

2) The plan for the building is to house a new small business that my family and some friends/business partners are working through. We will have a business plan and legal pieces in hand soon, and are very confident that the location and the space of this building are perfect. However, we'd be taking on a commercial loan before any revenue comes in the door. We estimate at min 6 months before being open due to renovations and permitting. Has anyone seen an 'interest only' commercial loan? Does anyone have any creative ideas on how to structure the financing so that we aren't floating a huge monthly payment before the business even opens? 

Thank you!