Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago,

User Stats

1
Posts
0
Votes
NA R.
  • Professional
  • Sherwood, OR
0
Votes |
1
Posts

Help with financing commercial property

NA R.
  • Professional
  • Sherwood, OR
Posted

I have kind of an interesting situation. A few years ago I leased a very large warehouse for my business at a very good price. I didn't need all the space, so I built a smaller unit inside and subleased part of it. I found that to be a very profitable thing to do, so now, that's all my business is. 

I have a long term lease on my building, but I would like to buy it. I would like to use the income from the property to pay the mortgage. I have already leased to three tenants, for a total income of $5200/monthly. I am currently building more units and expect to easily be making at least $10,000/monthly from lease income very soon. The property also has two other paying tenants that are not mine, but would come with the building.

I have only started doing this recently, so I do not have 2 years of tax returns to show. My credit score is about 700, and my total monthly bills (including the warehouse) are about $2000. ($3200 net income)

I'm going to need about $300,000 to purchase the building. Down payment would be a big problem for me. I would be OK with a private lender charging more interest than a bank...but how do I find them? Do you think I would be able to find any kind of loan for this? Even if I lost half my tenants, I would still be able to make the payments.

Loading replies...