Any Hard Money available for a vacant church?

Question

Hello,

Would there be a lender willing to do a 10% down payment on commercial properties (vacant church)? Is there any Hard Money available for a vacant church?

Thanks!

Jose Betancourt · Answer

Any lender can do 15% ? purchase price is 525k with 25k back at. any help we really appreciate it. Thanks

Chris Seveney · Answer

@Jose Betancourt

I have someone but your rate would be around 15% and 5 points with all interest prepaid along with a personal guarantee.

Jose Betancourt · Answer

Thank you for letting me know! I will contact you regarding the 20%.

Sam Thomas · Answer

I have two lenders that will fund a vacant church. You will need 20 to 30% down.

Michael Kinsella · Answer

No.

Even 20% down for a vacant commercial asset, particularly a church, sounds like a big stretch.

When looking for highly unusual terms like this, an individual private lender is probably the most likely route.

Even then, I'm not sure how many individuals would be comfortable with a vacant church as collateral.

Jose Betancourt · Answer

Hello @Katherine Blazer

I am assisting a pastor friend of mine in obtaining a loan for a vacant church in Deltona, FL, They may be able to do it with a 20% down payment. The plan is to refinance into a long-term institutional loan as an exit strategy.

Thank you!

Katherine Blazer · Answer

I am actually working on a similar deal here in St Pete. However, all the groups I work with are only willing to do 20-30% down.What is your exit plan?

Any Hard Money available for a vacant church?

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